US EditionVinted Users Warned Ignoring HMRC Rules Could Land Fines or Criminal Charges
HMRC targets UK online sellers exceeding 30 transactions or £1,700 sales per year to enforce tax compliance and prevent evasion through data sharing and investigations.
- HMRC started obtaining data from platforms like Vinted, eBay, and Etsy on users making over 30 sales or exceeding £1,700 in sales annually from the beginning of this year.
- This data collection follows tightened reporting rules requiring individuals earning over £1,000 annually from side businesses or making more than 30 sales per year to notify HMRC to avoid penalties.
- HMRC cross-references platform data with individual tax records, and sellers who surpass the £1,000 annual trading allowance without reporting it might be sent reminder notices, which if ignored could lead to more detailed tax investigations or even criminal probes.
- Managing Director Lee Murphy explained that individuals who occasionally sell personal belongings without regularly trading are generally unlikely to attract HMRC attention, and highlighted the importance of maintaining comprehensive records of sales and related expenses.
- These measures indicate increased HMRC enforcement on online sellers, suggesting that affected individuals should maintain proper records and comply with notification requirements to prevent fines or legal action.
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Leaning Left1Leaning Right0Center13Last UpdatedBias Distribution93% Center
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C 93%
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