![181098](https://www.taxation.co.uk/images/default-source/woodwing/181098.png?sfvrsn=a7faa133_2)
Key points
- Online trading is now mainstream and HMRC is on high alert due to the ease with which revenues from this type of trading can go undeclared.
- HMRC is well placed to tackle the online trading sector as part of its broader initiative to address tax evasion and create equality between online and traditional businesses.
- Digital platforms are required to collect and report seller information and income to HMRC.
- Those most affected will be at the lower end of the scale – these traders may not realise when they have gone over the reporting threshold.
- The onus is on individuals to understand their tax obligations and ensure timely and accurate reporting of income.
The commercial landscape has shifted dramatically since Covid-19 but even before the pandemic the way many people were making money was changing. With restrictions on physical retail spaces and an increased reliance on digital platforms...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.