Online selling has become a handy way for people to create supplemental income, and in many cases, the sums are too small to be disclosed to tax officials. However, rule changes have come into force that will make it easier for the UK's His Majesty's Revenue and Customs (HMRC) to know when some people need to start reporting and potentially pay tax.
Under the rules from January 1, reports BBC News, online platforms such as eBay, Airbnb, Vinted, and others where UK-based users sell products and services must start informing HMRC about some user transactions on its services. This covers both online services through websites and transactions performed in apps.
Though HMRC could previously request the information, the rules now mean the apps and services are obligated to make the reports.
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