Selling on the internet, may not be as straight forward as you might think…..The Irish revenue are reviewing what the Revenue and Customs have done in the United Kingdom recently.
In the UK,sellers on eBay and amazon who do not declare their taxable earnings are facing heavy fines,after the tax office launched a new campaign.
The warning comes as an amnesty offered by Her Majest’y Revenue and customs (HMRC) ceases. HMRC targeting of professional sellers who are behind in their tax payments will be made to repay with penalties. The orders would be made sellers pay the tax owed,along with interest and fines up to the full amount of the total.
HMRC has sent out more than 30,000 notification letters and trading sites have been asked to supply officials with details of the sellers.
Authorities are cross-referencing self-assessment data on taxpayers with details from the websites. HMRC said: “If you owe tax and don’t get in contact by the deadline, do not assume that HMRC will not catch up with you soon. It’s better to come to us before we come to you.”
Tax consultants have advised, however, that the targeting programme is not aimed at people selling personal items cleared out of lofts or garages. To date the voluntary amnesty has brought more than £500m additional funds into tax office coffers.
Patrick O Rourke, Tax Consultant, OKellySutton, Accountants & Consultants, Kildare, Co Kildare. www.okellysutton.ie