- The UK Treasury has issued new reporting rules for digital platform operators in the UK.
- The regulations will be applied from Jan. 1, 2024, with initial reporting due in Jan. 2025.
- Platform operators must notify HM Revenue & Customs (HMRC) that they are reporting platform operators.
- They must identify reportable sellers and collect and report information on their income generated via the platform.
- Platform operators must also verify information about sellers and property listings.
- The report to HMRC is due on or before the 31st of January following the end of the reporting period and must be submitted electronically.
- Platform operators must keep records of their compliance with the rules and the information collected for five years.
- The regulations include penalties for late reports, failure to provide information, non-compliance with record-keeping requirements, and more.
- The regulations incorporate elements of the OECD model reporting rules approved in 2020.
- Similar regulations are being implemented in EU member states.
Source: vertexinc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
