- New HMRC rules in the UK require online platforms to report sellers’ income, including side hustles like selling second-hand items and freelance work.
- Leading marketplaces like Airbnb and eBay must pass data to HMRC to pursue sellers who fail to declare income.
- The rules, adopted from the OECD, emphasize the importance of data in tax reporting.
- Platforms must have systems to record and transfer sales data to HMRC.
- The rules aim to create a level playing field for all taxpayers and ensure robust VAT collection.
Source Innovate Tax
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