Online sellers reminded of tax

posted in Tax by Phillip Harris on 09:48 Mar 28th, 2018

<< Back to Tax

(0, average: out of 0)

Online sellers reminded of tax

Britons who make money from selling online have been reminded of their tax obligations, after figures showed 7.5m people earn on average £360 a month from a side business. Home traders can sell up to £1,000 of items a year on sites such as eBay without paying tax on their profits. Sarah Ghaffari, technical tax manager at the ICAEW, said the allowance also applies to selling items in a car boot sale, baking and selling cakes, and offering services such as accountancy and DIY.

Source: Daily Express

Leave a Comment

Name*

Email* (will not be published)

Comment*

Captcha*

Comments

No comments yet...

Blog Feed

HMRC investigate 10% of SME's HMRC investigating one in ten small firms HMRC is currently investigating one in ten small businesses in an attempt to get back the £34bn tax it failed to collect in 2015- 2016. The Revenue told the Treasury Select Committee that small b... [ continue reading » ]
Confusing tax policy holds back business Confusing tax policy holds back business A report by the Office of Tax Simplification (OTS) calls for tax policy for small business owners to be overhauled to tackle widespread confusion among entrepreneurs. The OTS is critical of the “c... [ continue reading » ]
Pension bill rises Small firms need support as pension bills rise The Telegraph’s leader urges the government to step up its support for small businesses in light of today’s increase in auto-enrolment contributions, which sees the minimum employer co... [ continue reading » ]
Plan to boost SME's Ten-point “manifesto” launched to boost SMEs and self-employed A total of eleven organisations representing 2m small businesses have drawn up a ten-point plan to ensure Britain’s status as “one of the best places in the... [ continue reading » ]
IR35 tool flaws HMRC admits lack of evidence on CEST tool accuracy More than 100,000 contractors could be facing incorrect tax bills after HMRC said it has no evidence to suggest that its IR35 CEST assessment tool is accurate. A series of Freedom of Informati... [ continue reading » ]
Tax changes and efficiencies Tax changes and efficiencies With the new tax year now underway, several papers provide details of tax changes due in the coming weeks. The key ones include the increase from £11,500 to £11,850 in the personal allowance, with incom... [ continue reading » ]
Millions get pay rise Millions to get pay rise More than two million people will get a pay rise this week as minimum wage rates increase. The national living wage for those aged over 25 went up from £7.50 an hour to £7.83 yesterday; 21- to 24-year-olds... [ continue reading » ]
Red Tape and unfair terms Red tape and unfair terms leave SMEs struggling Onerous red tape and unfair payment terms imposed on small firms by big business mean SMEs continue to struggle from late payments. A survey by the Institute of Directors found 52% of its members... [ continue reading » ]
HMRC advice out of date HMRC advice ‘out of date’ The Telegraph warns that parents, pensioners and home buyers are being “failed” by official calculators and guidance issued by HMRC. The paper has uncovered several cases where guidance remai... [ continue reading » ]
Number of top rate taxpayers doubles Number of top rate taxpayers doubles in 20 years The proportion of Britons now paying the highest rates of tax is now one in six, up from one in 12 twenty years ago, with 1.5m middle earners dragged into the top brackets over the past five yea... [ continue reading » ]