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DIGITAL PLATFORMS MUST NOW DISCLOSE SELLERS' INCOME, HMRC


SALES ON EBAY, ETSY AND OTHER PLATFORMS WILL NOW BY TRACKED FOR TAX PURPOSES

Dev Kundaliya
1 January 2024 • 3 min read

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Image:
Digital platforms must now disclose sellers' income, HMRC

IN A BID TO CRACK DOWN ON TAX EVASION AND BOOST REVENUES, THE UK'S HM REVENUE
AND CUSTOMS (HMRC) HAS IMPLEMENTED NEW TAX RULES, EFFECTIVE FROM 1ST JANUARY
2024, TARGETING SMALL SELLERS ON PLATFORMS SUCH AS ETSY, DEPOP, AIRBNB AND
VINTED.

The updated regulations mandate these platforms to record and report the income
of their sellers directly to HMRC, in alignment with rules set out by the
Organisation for Economic Co-operation and Development (OECD).

The OECD regulations took effect in the European Union on 1st January 2023, but
their implementation in the UK was postponed until 1st January 2024.



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