HMRC are attempting to make clear that although new reporting requirements apply for online platform operators from January 2025 the tax position for individuals who sell items (or services) on those platforms remains unchanged. This appears to address widespread confusion around a ‘side hustle tax’ that had been reported in the mainstream media earlier in 2024 after the separate reporting rules for platform operators had been announced.
HMRC are keen to emphasise that for individuals – for example those ‘selling last year’s festive jumper getting some money back for a child’s outgrown baby clothes or quietly offloading an unwanted Christmas present or two’ – the tax position has not changed.
Angela MacDonald HMRC’s Second Permanent Secretary and Deputy Chief Executive Officer said: ‘We cannot be clearer – if you are not trading and just occasionally sell unwanted items online – there is no...
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HMRC are attempting to make clear that although new reporting requirements apply for online platform operators from January 2025 the tax position for individuals who sell items (or services) on those platforms remains unchanged. This appears to address widespread confusion around a ‘side hustle tax’ that had been reported in the mainstream media earlier in 2024 after the separate reporting rules for platform operators had been announced.
HMRC are keen to emphasise that for individuals – for example those ‘selling last year’s festive jumper getting some money back for a child’s outgrown baby clothes or quietly offloading an unwanted Christmas present or two’ – the tax position has not changed.
Angela MacDonald HMRC’s Second Permanent Secretary and Deputy Chief Executive Officer said: ‘We cannot be clearer – if you are not trading and just occasionally sell unwanted items online – there is no...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
