Since 1 January HM Revenue & Customs requires digital platforms – such as Airbnb, eBay and Vinted – to collect information on how much their users make.
While this so-called ‘side-hustle tax’ is not a new tax, this means people who have never declared their income from these sites could soon be on HMRC’s radar and face the prospect of large bills, or even fines, if they do not adhere to the law.
Everyone has a trading allowance each tax year, which means they can earn up to £1,000 without having to do a tax return. But “some of the more egregious cases could result in HMRC audits and even criminal prosecutions,” said Robert Salter from accountants Blick Rothenburg.
We want to hear from people who sell on sites such as eBay and Depop or rent their home on Airbnb about the new rules for data sharing. How will you be impacted? Will you be changing you behaviour? Might this affect your finances?
