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  • Shepherd Partnership

Reminder to correctly report any side income




We recently wrote about correctly reporting a side income, and greater powers for HMRC, here: https://www.shepherdpartnership.com/post/reporting-a-side-income-and-greater-powers-for-hmrc


This is important to take note of as, under new rules being introduced from 1st January 2024, platforms such as Vinted, Ebay and Etsy will have to collect data about sellers' earnings and report that information to HM Revenue & Customs. People who are selling online, such as from crafting or second-hand clothing, need to check that they are correctly recording their earnings. Anyone with sales of £1,000 or more in a tax year (including that from any other sole trader business) may need to register with HMRC and file a tax return so they can pay income tax and National Insurance on their profits.

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