Jan 2, 2024
Depop, Vinted and other apps to share data with tax body
While HMRC was already able to request information from UK-based online operators, from the start of this year there are new rules that the UK has signed up to via the international body, the Organisation for Economic Cooperation and Development, as part of a global effort to clamp down on tax dodgers. The information will be shared between countries that have signed up to the OECD tax rules. The government said the new rules would help it "Bear down on tax evasion", as sellers on digital platforms would now be treated more like traditional businesses. An HMRC spokesperson said: "These new rules will support our work to help online sellers get their tax right first time. They will also help us detect any deliberate non-compliance, ensuring a level playing field for all taxpayers." Firms' first obligation to report information to HMRC will be at the end of January 2025 and will include information such as the tax ID, bank account details, and the value and volume of transactions for sellers whose activity is of significant enough size.
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