AR Tax Accountants’ Post

Starting Jan 2025, platforms like eBay and Airbnb will share user data with HMRC. No tax if just selling unwanted items, but action needed if you trade or let a holiday home. Sold over 30 items or earned £1,700+ in 2024? Expect a notification! 📊 How will this impact your online sales? Comment below! #UKTaxUpdate

🛍️ Selling on Vinted? Here’s what you need to know!    HMRC now requires platforms like Vinted, eBay, and Airbnb to report users with over £1,000 in sales or 30+ transactions per year. With investigations on the rise, it’s important to stay compliant.    🔑 Key Points:   Selling personal items at a loss? No tax is due.  Keep records of purchase receipts and sale prices. Be clear on your Self-Assessment and the nature of your sales.    📈 Protect yourself with our Tax Investigation Service - email us at 📩 info@pfptaxservices.co.uk to learn more.    🔗 Read more here: Selling Websites in 2025 https://lnkd.in/dUHG8NQQ   #VintedSales #HMRCUpdates #TaxCompliance #OnlineSelling #ProfessionalFeeProtection

Just in: Online Selling and Taxes There’s no new tax for selling unwanted items like clothes or toys online. What’s changed is how digital platforms report sales data to HMRC. If you sold at least 30 items or earned around £1,700 (€2,000) in 2024 using platforms like eBay or Airbnb, your platform will notify you if your data was shared with HMRC. This doesn’t automatically mean you owe tax or need to file a return. But if you: - Sell goods for profit 💰 - Offer services through platforms like Airbnb 🏡 or as a delivery driver 🚗 - And your online earnings exceed £1,000 (before expenses) …you may need to register for Self Assessment. ✅ Stay informed—this is about reporting, not a new tax. 🔍 #HMRC #OnlineSelling #wearedns

When we started Revenew the responses we were getting from platforms and marketplaces went like this: 😕 "We think we are making money on each payment" "We don't think we have any loss-making payments" "We are not sure how refunds impact our fees and margins" "We really need more confidence in the revenue stream before we roll it out fully" ✅ It's amazing to see our customers turning this around and beginning to fully own, control and improve their payment margins. The responses we are getting now are: 🤓 "How do we tweak our pricing specifically for international Amex corporate cards with a foreign currency?" "I now know who my most profitable connected accounts are and how I can incentivise them to stay" "It's amazing to identify buckets and cohorts to focus on this month to drive top-line growth" "I can now negotiate payment pricing for each account knowing their unique payment margins and mix" "We can now roll it out to the other 95% of our customers knowing they will be profitable" I can see it already in the month-over-month improvements in their payment margins, in some cases over 1% for their top connect accounts. For platforms doing between $200m-$1bn annually, this is meaningful (to say the least). To see a platform go from 😕 to 🤓 in a matter of a month is super encouraging! Revenew = Payment Margin Intelligence

HMRC has introduced a new online tool to help those with side hustles determine whether their additional earnings are taxable. This move coincides with upcoming rules for online marketplaces, set to take effect in January 2025. Find out more here: https://bit.ly/3D1CFu3 #hmrc #hmrcnews #financialnews

💡 Merchant of Record vs. Marketplace: Which model suits your business? Choosing the right structure for your online business is critical. Should you act as a Merchant of Record, taking full responsibility for taxes and compliance, or opt for a Marketplace model, where a third party handles these complexities? In our latest blog post, we compare these two approaches, covering: ✅ Tax compliance and liability differences. ✅ How each model impacts your control over payments and customers. ✅ Key factors to consider when deciding for your business. 🚀 Make an informed decision! Explore the full guide here 👉 https://lnkd.in/dpkyCuuY #Ecommerce #TaxCompliance #MerchantOfRecord #Marketplace

As we approach the final days to buy gifts online and still make shipping deadlines, your customers are busily making their last-minute purchases and earning cashback for their online shopping! It's helpful to know that there is a delay for customers to actually receive that cashback payout. This is due to a holding period that merchants typically impose to ensure orders aren't returned or are fraudulent, before they pay commissions. We explain the holding period and what it means for customers in our post: https://hubs.la/Q02_NVys0

From January, online retailers such as Ebay, Vinted and AirBnb will share sales data with HMRC. The change to the rules was introduced to ensure that online seller, earning money through side hustles pay their fair share of tax. HMRC has now clarified the rule, saying that those who sold at least 30 items or earned roughly £1,700 are likely to be contacted by online retailers, advising that they have passed on their details to HMRC. More information here: https://lnkd.in/e8JKgP6x

I was interested to see the UK government announce their move to address hidden fees and unexpected charges. We’ve all experienced this type of “Drip pricing” which can take definitely its toll on customer confidence and brand reputation. Now all mandatory fees must be included in the headline price so farewell to unexpected booking fees popping up at the end of your ticket purchasing experience. Read more here: https://lnkd.in/eDvxg2m4 #PricingStrategy #Transparency #CustomerExperience

Selling online? From January 2025, online platforms like eBay and Airbnb will start sharing user sales and personal data with HMRC. Who does this affect? 👉 Individuals selling 30+ items or earning £1,700+ in 2024. 👉 Those offering paid services, like delivery driving or letting holiday homes. 👉 Anyone buying goods to resell or making goods to sell for profit. HMRC confirms there’s no tax due for occasional sales of unwanted items, but if you meet the criteria above, you may need to register for Self Assessment. Unsure where you stand? Viewpoint Accountants can provide clarity and help ensure you’re compliant. Contact us today for tailored advice, email info@viewpointaccountants.co.uk Read more in our January Tax News: https://lnkd.in/eKnZzPqA