Those who use online sites such as eBay and Amazon to flog stuff on a regular basis, or as a "hobby", should be aware that profits from such sales are taxable.
More to the point, they should be aware that HMRC is using its powers to force these websites to hand over customer account details, including their selling activity.
The Telegraph reports that HMRC has sent 14,000 letters to traders suspected of running a business and failing to declare this on their tax returns:
“HMRC thinks you should have declared more on your tax returns than you did.”Anyone who fails to reply will face an automatic tax charge, where HMRC makes its own calculations on tax due and demands that it is paid within three months.
You have been warned!
Tax does have to be taxing.
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