News: June 2012

Online auction sites

If you buy and sell goods online, either as a trade or business, please be aware that HMRC have launched a campaign that aims to tax those within this category if they have not declared this source of income.

Naturally, this is not an issue for the odd transaction. However, if you do trade this way and have concerns please contact us for guidance.

To enable HMRC to obtain details of online transactions, they have recently demanded information from online auction sites.

The information they are looking to acquire includes the name, address and post code of each member registered, the date he or she first registered and the member’s username.

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