SDB Accountancy Services providing financial services to Start ups, Sole Traders, Partnerships and Limited Companies.
SDB Accountancy Services providing financial services throughout the North East of England.
Servicing Business within \nthe North East for 10 years
Get in touch  0191 2766792
info@sdbaccountants.co.uk

Auction Sites being hammered by HMRC.

Friday, 18 May 2012
The HMRC e marketing campaign went live in March 2012 and is aimed at those people who buy and sell goods online as a trade or business, but who failed to make a full disclosure of their income.
The information that HMRC require from the online auction sites regarding their members registers is as follows:- 
  • A complete copy of the current register of all business members.
  • The name, address and full post code of each business member.
  • The date on which the member first registered.
  • Member’s username.
  • Member’s e mail address.
  • Member’s telephone number.
  • Member’s account type.
  • Member’s company name (if known).
  • Member’s VAT number ( if known).
  • Member’s company registration number (if known).
  • The member’s membership or registration number on the auction site.
The auction sites served with the notices have to provide the information in a template spreadsheet format designed by HMRC. A declaration has to be signed by the auction site and returned to HMRC with the completed template spreadsheet. The declaration states in capital letters that false statements can result in prosecution.
HMRC has left the online auction sites with no room to manoeuvre and in no doubt about the level of detailed information it requires. This in turn tightens the net on those people trading, but evading tax, online.
Our advice would be if you have been trading online and have failed to disclose trading income then make a voluntary disclosure using the e marketplace campaign facility. HMRC accepts the majority of disclosures made through the campaign at face value. The alternative is a full blown enquiry, or even a criminal investigation in the most serious cases.

SDB Accountancy Services • Tel: 0191 2766 792  • Mob: 07596854430 • Email:
SDB Accountancy Services is a member of The 2020 Membership Group which is the leading membership organisation for helping progressive accountants and tax professionals throughout Europe, North America, Africa and Australasia.
SDB Accountancy Services is a member of The Institute of Financial Accountants
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