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‘Side hustle tax’ comes into force in UK

‘Side hustle tax’ comes into force in UK

The tax forces platforms such as eBay, Airbnb and Etsy to report their sellers’ earnings directly to the IRS in an effort to curb tax evasion.

Source:https://news.sky.com/story/new-side-hustle-tax-targets-britons-making-money-online-13040927

Those who earn more than £1,000 a year through online transactions, such as selling clothes, delivering takeaways or renting out homes, must submit information. Once the seller exceeds this threshold, he must register as a sole proprietor and file a tax return at the end of the year.

HMRC could already request information from online firms based in the UK, but digital platforms will now be required to report sellers’ financial details directly to the taxman.

Bank account details and the number of transactions made by each user will be required to be reported, with large fines and other penalties for companies that do not comply.

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