- HMRC has published guidance on rules for online marketplaces to report details and income of sellers
- UK has adopted OECD model’s reporting rules for digital platforms starting from January 1, 2024
- Digital platforms connect sellers to customers for goods and services like taxi, food delivery, freelance work, and short-term accommodation
- Operators must collect and report information to HMRC annually, with the first report due by January 31, 2025
- Guidance includes definitions, who needs to report, information to collect, deadlines, and penalties for non-compliance
- HMRC is developing an online service for submitting returns
- Guidance for sellers on why information is requested and their own tax position
Source: icaew.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.
