Social media and online marketplaces

Selling through social media and online marketplaces are now mainstream and used by everyone from teenagers to pensioners to make a little bit of money on the side even if that money doesn’t constitute a profit. But it may not be a little bit of money on the side it is so easy for things to escalate and mount up and soon you may find that you are exceeding HMRC’s limits and may need to make a report to them.

Making that online report yourself can be a scary matter as ‘putting your head above the parapet’ is not something we would necessarily recommend doing alone.

Do you really know what expenses you can claim? You may not claim enough or you may claim items that are not allowable for tax purposes.

Getting a fixed fee from us to do the work for you and making a voluntary disclosure to HMRC can save you in the long run as interest as well as penalties are chargeable on top of the tax due, the level of which depends on how many years are involved.

To ensure you get peace of mind, contact us on the details below for at least a chat to see whether you have anything to declare.

To give you an idea before you call us income could be money, gifts or services you have received from:

• selling personal possessions
• selling goods
• providing a service
• creating online content
• renting out land or property

Call Andy on 07879 464577

Alex on 07538 418839

Lindsay on 07584 706664

Or email her on Lindsay@lhtax.co.uk