On-line trades amnesty
Date: Thursday 31st May, 2012
Author: Cathy Corns
Profile: Cathy Corns
HMRC has reminded people with undeclared income from trading on the internet to register for the e-Markets Disclosure Facility by 14 June to take advantage of reduced penalties.
HMRC has indicated that, once the e-Markets Disclosure Facility expires, it will clamp down on those who have failed to declare earnings and pay the tax that they owe.
The campaign is aimed at people using online marketplaces to buy and sell goods as a trade or a business and who are not up to date with their taxes. Those who sell only a few items and who are not traders are unlikely to pay tax on what they sell and are not being targeted by this campaign.
Please note that the opinions expressed in this blog represent the views of the author and not the views of Mercer & Hole.