The Telegraph: odd jobs, pet breeders and babysitters could face income tax charges
HMRC’s new regulation regarding taxation of trading activities such as online market places and casual labour could see unsuspecting traders needing to declare income on their tax returns. Traders will need to be aware of their ‘badge of trade’.
Tim Stovold, head of tax at Kingston Smith, said: “With HMRC having significant powers to get information from online platforms and high-tech software to detect taxable activities on social media, whether people are selling puppies, kittens or anything else, they should think about what to claim and whether they need to register with HMRC.”
For more information on badges of trade, please contact Tim Stovold or visit our website.