Quote:
Originally Posted by Osem
We'll who'd bother reporting his drivel if it wasn't hugely exaggerated and distorted? Still, I suppose it gives the likes of Gary something to get all worked up about...
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But what about this,how many months or years would you give to say someone who does the odd car boot sale or sells a few items on Gumtree?
http://www.telegraph.co.uk/finance/p...y-taxable.html
Thousands of online sellers who use websites such as eBay, Etsy, Amazon and Gumtree are the focus of fresh attempts by HM Revenue & Customs to crack down on tax evasion, Telegraph Money can disclose.
Such websites are being forced to hand over customer account details, including their selling activity, as part of the Revenue’s legal powers that were extended last year.
This type of information gathering has enabled the taxman to target 14,000 individuals it suspects of failing to declare profits on their self-assessment tax returns, the Revenue confirmed.
Using extensive new powers introduced last year, HMRC can download people’s account information and even force sellers to pay tax that is disputed or subject to an inquiry.
The fresh crackdown follows a campaign that ended in 2012 to warn sellers that tax might be due on their hobby as long as their activity is classed as “trade”. We explain which types of sellers HMRC says must pay tax below.
The Revenue raised more than £9m in tax as a result of the earlier campaign, with one eBayer who turned over an undeclared £1.4m in six years handed a two year prison sentence. John Woolfenden failed to pay almost £300,000 in tax on his DVD and games business, in a high-profile case designed to put off would-be evaders.
Since that campaign was wound down, the taxman is now on the lookout for a new evader to prosecute as a deterrent to others.
The Revenue said it was investigating suspected avoidance cases where “risks have been identified” or where traders need to be “educated” about their tax liability.
A spokesman said: “Where people choose not to set the record straight, we conduct follow-up work. This includes investigations and prosecutions.”
People who register their account as a “business seller” on websites such as eBay or Amazon are among the likely targets.
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Are you one of 14,000 suspected evaders?
The Revenue has sent 14,000 letters to traders suspected of running a business and failing to declare this on their tax returns.
Of these, 1,000 letters are being sent to people where the taxman has already identified a shortfall on their self-assessment forms.
Some of those targeted make as little as £100 profit online, Telegraph Money has learnt. However small, any earnings above an individual’s tax-free personal allowance – £10,600 for the 2015‑16 tax year – are taxable if the money made is considered a business profit.
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