New taxation and reporting rules came into force on January 1, 2024. Therefore, UK residents with an income of more than £1,000 per annum from secondary activities must register as self-employed, keep accounts and submit information to HMRC.
This tax is not new; previously it was also necessary to declare income when carrying out trading activities. But, nevertheless, the government is tightening the requirements. All transactions must be reported to HMRC. This applies primarily to trading platforms. They must transmit information about all transactions.
The first reporting deadline is the end of January 2025.