HMRC change will protect hundreds of thousands of savers from tax bill
The tax-free savings accounts shelter cash or investments from the taxman with up to £20,000 allowed to be squirrelled away in each tax year
The tax-free savings accounts shelter cash or investments from the taxman with up to £20,000 allowed to be squirrelled away in each tax year
A huge number of people could be contacted by the taxman this winter
Some people who sell on online sites such as Ebay, Vinted or Depop or those who rent out rooms are being told to take action now or risk an automatic….
Some people who sell on online sites such as Ebay, Vinted, Etsy or Depop or those who rent out rooms are being told to take action now or risk an….
Savers are being hit with a tax charge while attempting to put money away from property and HMRC data indicates many savers are losing thousands of pounds to the taxman.
If you make any money from side hustles you need to register – even if you won’t have to pay tax
Under a new rule change this year, o nline marketplaces like Depop, eBay, Facebook Marketplace and Vinted are required to collect and report personal details and yearly sales transactions.
One expert said: ‘Due to the warped rules, this £2,000 pay rise ends up costing them nearly £10,000, an effective tax rate of almost 500pc’
The tax office has addressed the public about the importance of filing tax returns. Those who miss the submission deadline of October 5 are at risk of being fined
The number of people paying the tax is increasing by hundreds of thousands