Some people who sell on online sites such as Ebay, Vinted or Depop or those who rent out rooms are being told to take action now or risk an automatic £100 fine
New tax rules coming into force this weekend may see many people fined £100. In particular, those who sell thing on places such as Vinted and eBay may need to register to submit a tax return.
It comes after HMRC introduced new rules at the start of this year, obliging platforms such as Etsy and eBay to share seller information to HMRC, including the number of sales carried out and the amount of money earned through said sales. HMRC has warned that sellers have until today , to tell the department if they need to complete a tax return and whether they have sent one before or not. Not doing so could result in a fine of £100.
"While you might think it only applies to work you’ve been paid for, it also includes other income. This might include money earned from savings and investments, rental income, and if you’ve made more than £1,000 from selling or reselling items on places like eBay, Depop and Vinted. So check online to find out if you need a tax return.
“This means getting everything ready for the 31st October deadline if you’re submitting a paper return, or by midnight on the 31st January if you’re submitting your return online. But if possible, you shouldn’t leave things to the last minute.
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