Tax Agency clarification: what you need to know if you use PayPal

PayPal offers an excellent level of protection for personal and financial data, but it is by no means immune to the checks of the Revenue Agency. False convictions and ambiguous rumors continue to circulate regarding the mechanisms through which the tax authority is able to track online transactions. All online platforms, whether for the sale of products and services or for the management of economic transactions, are obliged to report the money…

What can I do to prepare for a tax investigation?

With HMRC significantly ramping up compliance efforts in recent months and future investment into additional staff, the risk of a tax investigation is becoming more of a concern for both individuals and businesses. Proactive measures are key to mitigating that risk. Some steps that can help protect yourself from potential HMRC enquiries include: Maintain Accurate and Detailed Records Ensure that all financial records – income, expenses, tax retu…