HMRC ‘Dash for Cash’ to focus on online traders

HMRC has issued formal information requests to online auction sites requesting that they provide details of online traders names and adresses. The auction sites have been told they have a legal obligation to comply; failure to do so will result in an initial penalty of £300 plus up to £60 per day for any continuing failure. 

This latest campaign is targeting individuals who regularly sell online, but may have failed to declare profits to the taxman.  If you think you may be affected and would like advice please contact us on 0151 228 8977