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Cumberland and Westmorland Herald
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    Inspiring Penrith teacher Dawn Coates retires after 26 years

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Cumberland and Westmorland Herald
  • News
    Councils ask for planned mayoral election to be postponed

    Councils ask for planned mayoral election to be postponed

    Leo Group owner completes epic cycling challenge for MND research

    Leo Group owner completes epic cycling challenge for MND research

    Support for Penrith Mountain Rescue Team after charity box stolen

    Support for Penrith Mountain Rescue Team after charity box stolen

    Inspiring Penrith teacher Dawn Coates retires after 26 years

    Inspiring Penrith teacher Dawn Coates retires after 26 years

    Use it or lose it: Urgent appeal for people to get on the bus

    Use it or lose it: Urgent appeal for people to get on the bus

    Penrith’s Enterprise Hub plans start to take shape

    Penrith’s Enterprise Hub plans start to take shape

    Nurturing Eden school praised by Ofsted

    Nurturing Eden school praised by Ofsted

    Inflation and the impact on savings

    Inflation and the impact on savings

    Celebrating Alston’s heritage heroes

    Celebrating Alston’s heritage heroes

  • Sport
    Success for fighting squad

    Success for fighting squad

    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

    Penrith gymnasts represent North of England in finals

    Penrith gymnasts represent North of England in finals

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Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

New data sharing rules to help HMRC tackle non-compliance

By Graham Poles, tax partner, Armstrong Watson

by CWH
20 December 2023
in Expert advice, News
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Graham Poles, of Armstrong Watson

HMRC will have a new set of powers from January 1 2024 that will require digital platforms to supply the details of individuals who are providing services or selling goods including those who operate small businesses, second-hand sellers, freelances, delivery drivers, taxi drivers and property owners.

The information will include individual’s personal details as well as their bank details.

Side hustle new rules

Research suggests a fifth of UK adults have taken on a side hustle since the start of the COVID-19 pandemic in March 2020, and one in six will be earning more than £1,000 a month in addition to their main income.

The Government has implemented the Organisation for Economic Co-operation and Development’s (OECD) Model Reporting Rules for Digital Platforms, as part of a global clampdown on tax evasion, which will enable HMRC to detect and tackle non-compliance.

As a result, apps and websites will be required to share the details of sellers income with the tax authority. Individuals will also be given the details they need to ensure they pay the correct amount of tax.

HMRC already has the power to request seller details and bank account details from UK-based platforms, but the new rules will allow it to investigate the tax affairs of those earning money through such companies that are based abroad – this includes Lithuania-based Vinted and Etsy, which has its headquarters in New York as well as Airbnb and Uber, which are based in the US.

HMRC will also be able to share information with other OECD-participating tax authorities where sellers are a tax resident, giving these new rules a global reach.

Platforms will be expected to collect data from January 1, 2024, with the first reports starting in January 2025.

Report additional income

When it comes to additional income streams, some taxpayers may need to register for self-assessment and report this income to HMRC, to ensure their tax position is correct.

Therefore, if you are earning greater than the £1,000 property/trading allowance then you should seek advice about bringing your tax affairs up to date. For those with annual income from a side hustle below £1,000 there will be no requirement to report this extra income to HMRC.

For more advice and support about tax and additional incomes please call 0808 1445575 or email help@armstrongwatson.co.uk

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