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HMRC targeting eBay and entrepreneurs

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Her Majesty’s Revenue & Customs (HMRC) has unveiled a fresh attack on those who “fail to pay the right tax” this week.
Sellers on online marketplaces, such as eBay, and those working from home are within HMRC’s crosshairs, while new techniques such as “web robot” software look set to lead the fight against tax evasion, HMRC revealed.

Web robot software finds information about specific people and companies online, and by linking the software up with HMRC’s Connect computer system, HMRC hopes to find people who are trading online without telling the taxman.

The software shines a light onto previously hidden relationships, uncovering anomalies between such elements as bank interest, property income and lifestyle indicators before homing in on unexplained inconsistencies.

The news comes amidst a slew of new HMRC initiatives, which will target:

• Those who provide private tuition and coaching such as fitness, dance and lifestyle coaches as well as national curriculum subject tutors.

• E-marketplaces such as eBay. This will cover those using e-marketplaces to buy and sell goods as a trade or business and fail to pay the tax owed.

• Tradespeople, such as plumbers and electricians, and giving other trades the opportunity to come forward and declare unpaid tax.

Unsure about your tax responsibilities? Keen to avoid the HMRC’s reach? Seek advice today and make sure your businesses or online activities fall within the letter of the law.

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Written by Andrew Hodges

June 22, 2011 at 8:49 am

Posted in Comment, LinkedIn

Tagged with , ,

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