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Monthly Archives: May 2012

Are you an online trader?

Its has been well documented that HMRC are on a dash for cash and are currently gathering as much information as possible from online auction sites about online traders as part of its e-market place campaign.

HMRC Risk and Intelligence service which is based in Cardiff has been issuing notices under S18a(2) TMA 1970 to online auction sites to request information about the members registers kept.

The auction sites are obliged, with no right of appeal, to provide the information as non compliance will result in an initial penalty of £300 plus up to £60 per day for continuing failure.

The information requested is going to be used purely to check on memebers to see that they are declaring and registered for tax correctly. Thus if you are an online trader who has not declared income from online trading activities,  you will need to make a disclosure to HMRC by 14th June 2012. The full disclosure and payment of outstanding tax then has to be made to HMRC by 14th September 2012.