Stage 4 – Vinted Advice
Here’s stage 4 of our Vinted advice
- What Happens If You Don’t Disclose?
If you fail to disclose your online income, HMRC may:
- Carry out an investigation into your tax affairs.
- Issue assessments and penalties based on the amount of tax due and how late the disclosure is.
- Apply interest on unpaid tax from the time it was due.
It’s always better to come forward before HMRC contacts you. This will likely result in fewer penalties and a smoother process overall.
Get Professional Advice (if needed)
If you’re unsure about the tax implications of your online sales, it might be wise to consult with a tax advisor or accountant. They can help ensure you disclose correctly and comply with the tax rules.
By making a voluntary disclosure of your Vinted/eBay income, you are taking control of your tax situation and ensuring that your online selling activities are compliant with HMRC’s rules. It’s always better to be upfront and avoid any future problems.
Contact Andy on 07879 464 577
