HMRC have come up with another disclosure facility – amnesty by any other name – this time for e-market traders. Anyone that regularly sells on sites such as e-bay may be classified as traders. If this is you, you have between 14 March and 14 June to advise HMRC that you want to take part in this disclosure. You then have until 14 September to come forward with the relevant details, i.e. the profit and the tax due thereon, and to make payment in full. By coming forward at this stage you will have either no penalty for late notification/payment or a maximum of 10% of the tax due.
After 14 September, HMRC will be investigating those that have failed to respond, having trawled the various sites for those individuals they believe may be trading.
There is a Youtube video available at www.lexisurl.com/ytemkt that gives some guidance on whether you could be classified as trading. However, if you think this may be you, please contact a member of staff rather than going direct to HMRC.