Vinted not Minted!!
HMRC have already mounted many campaigns against people trading on online platforms like eBay and Amazon but failing to declare the full extent of their profits.
These will continue, as they have been the biggest selling platforms for people for many years.
But now, as Vinted has grown in popularity the users will shortly become HMRC’s next targets! Most of us know someone who’s bought a bargain on Vinted and or sold unwanted personal items, mainly clothes.
HMRC have made it public that in the new year 2025, they will be writing to people who appear to be making larger sums of money or have engaged in multiple repeated sales.
So the choices are, to wait for the letter or if you think you are in the frame – to do something about it before it arrives.
Here we set out our 4 stages in separate easy to follow chunks to help you make that decision.
Making a voluntary disclosure to HMRC about your online income from platforms like Vinted and eBay is a proactive step that can help you avoid penalties and potential legal issues down the line. If you have not previously reported income from online sales, voluntarily coming forward can help demonstrate a commitment to compliance and potentially reduce penalties if any taxes are owed. Here’s how you can approach this:
- What Is a Voluntary Disclosure?
A voluntary disclosure is when you come forward to HMRC and inform them about income or taxes you have not previously declared. By doing this voluntarily, you may benefit from reduced penalties and show good faith.
HMRC is likely to be more lenient with people who voluntarily disclose and work to correct their tax affairs compared to those who are investigated after non-disclosure is detected.
Contact Andy on 07879 464577
