View Image

Anyone clearing out before Christmas has been issued a stark warning over a HMRC raid. HMRC can now see online selling activity, and non-compliance with tax rules could lead to in-depth investigations or large fines that exceed your earnings.

From the beginning of this year, HMRC started receiving data on sales and users for anyone who has more than 30 transactions per year on platforms like eBay and Vinted, regardless of profit.

On Vinted, particularly, reporting thresholds were tightened, and users who either do 30 sales per year or exceed £1,700 of gross sales over 365 days must now have their data reported with HMRC.

READ MORE Drivers face new monitoring device in cars under UK pay-per-mile tax

Lee Murphy, Managing Director of The Accountancy Partnership, said: “HMRC

See Full Page