Paypal accounts used by many for online selling.

HMRC have made it clear that these online accounts still come into the declarations needed to them and they can force access to these accounts. HMRC can go back 20 years when looking at underdeclared income but it is unlikely that you will be able to get that many years bank statements from any bank, particularly not from PayPal.

Most High Street banks will provide you with six years bank statements only and it is up to you to press PayPal for any bank statements to show the level of income you have received.

We have seen HMRC pressing for PayPal accounts quite regularly these days.

Therefore you must retain and declare your PayPal income to HM Revenue and Customs (HMRC) if your gross trading or side hustle sales exceed £1,000 in a tax year.

PayPal is one of the many digital platforms now automatically sharing user transaction data with HMRC under international reporting rules.

We can help make any declarations of undeclared income for you whether received within the UK or offshore and can explain this to you in a friendly open conversation. Call us as below.

Call Andy on 07879 464577

Alex on 07538 418839

Lindsay on 07584 706664

Or email her on Lindsay@lhtax.co.uk