HMRC warning to anyone using eBay, Vinted, Uber or Airbnb to make money as new tax rules introduced - Manchester Evening News

HMRC is warning anyone who uses a 'side hustle' platform like Vinted, eBay or Deliveroo to be aware of new rules in force from today amid a crackdown on tax avoiders.

As of today, January 1, websites including eBay, Vinted, Airbnb, Fiverr, Upwork, Uber, Deliveroo and Etsy will have to record how much money people are making through them and report it to HMRC, which will then use the data and compare it to self-assessment reports from individuals.

HMRC says this will allow them to check for discrepancies, giving them grounds to launch an investigation if tax avoidance is suspected, the Mirror reports. The tax office is investing around £37million into the new initiative and is employing 24 full-time staff to launch and enforce the new measures.

READ MORE: HMRC issues warning to everyone working Christmas jobs over the festive period

Try MEN Premium now with our amazing New Year offer... just click here to give it a go.

In the UK, you can earn £1,000 in additional income each tax year alongside your regular job - this is known as your Trading Allowance. If you make more than this, then you will need to register yourself as self-employed and pay tax on these earnings.

The new rules for these platforms are part of a wider crackdown on tax avoidance from people boosting their income through working side hustles, freelancing and self-employment. The crackdown aims to target those who are under-reporting - or not reporting their earnings at all - and will not impact those who are following the rules.

When do you need to submit a self-assessment tax return?

Self-assessment is the system HMRC uses to collect tax from people who don’t pay it automatically from their wages. So people who are self-employed, freelance or do extra work alongside another job.

You will need to register for self assessment tax if in the last tax year:

• Your income from self-employment work was more than £1,000
• You got more than £2,500 from renting out property
• You got more than £2,500 in other untaxed income
• You had a P800 from HMRC saying you did not pay enough tax last year
• You need to prove you’re self-employed, for example, to claim Tax-Free Childcare
• You want to make voluntary Class 2 National Insurance payments to help you qualify for benefits

There are different ways to register depending on your circumstance and you can find out if you need to on the Gov.uk website through its questionnaire here. If you do need to register, you can do so online or by calling the self-assessment helpline on 0300 200 3310.

The deadline for submitting online returns for the 2022/23 tax year is January 31. HMRC has resources online including video tutorials on YouTube, help and support on gov.uk, to support customers in completing their tax returns.

Adblock test (Why?)

https://news.google.com/rss/articles/CBMiXGh0dHBzOi8vd3d3Lm1hbmNoZXN0ZXJldmVuaW5nbmV3cy5jby51ay9uZXdzL3VrLW5ld3MvaG1yYy13YXJuaW5nLWFueW9uZS11c2luZy1lYmF5LTI4MzczMjcz0gFgaHR0cHM6Ly93d3cubWFuY2hlc3RlcmV2ZW5pbmduZXdzLmNvLnVrL25ld3MvdWstbmV3cy9obXJjLXdhcm5pbmctYW55b25lLXVzaW5nLWViYXktMjgzNzMyNzMuYW1w?oc=5

2024-01-01 13:46:00Z
CBMiXGh0dHBzOi8vd3d3Lm1hbmNoZXN0ZXJldmVuaW5nbmV3cy5jby51ay9uZXdzL3VrLW5ld3MvaG1yYy13YXJuaW5nLWFueW9uZS11c2luZy1lYmF5LTI4MzczMjcz0gFgaHR0cHM6Ly93d3cubWFuY2hlc3RlcmV2ZW5pbmduZXdzLmNvLnVrL25ld3MvdWstbmV3cy9obXJjLXdhcm5pbmctYW55b25lLXVzaW5nLWViYXktMjgzNzMyNzMuYW1w