In its latest move to crackdown on tax evaders, HM Revenue and Customs (HMRC) wants to collect information from internet companies like Ebay and Paypal, to create a database of British users that have generated income from selling online.<\/p>\n
By receiving data relating to millions of internet transactions, the UK Government would be able to assess sales conducted on online platforms, including the Apple and Google app stores.<\/p>\n
Information regarding the money people make by renting out rooms, through sites like Airbnb, would also be collected as part of the new proposals.<\/p>\n
HMRC will be able to process the names, addresses and revenues of anyone who chooses to use the online arena to make a profit, in order to locate those that do not pay the appropriate tax.<\/p>\n
Reportedly, the tax authority will have to update its current databases to increase capacity, so that it is able to manage the information.<\/p>\n
Estimates suggest that billions of pounds in tax is lost every year due to unreported online income.<\/p>\n
Though individuals who make infrequent sales through sites like Ebay are unlikely to be classed as a trader, they still need to declare any profits they make.<\/p>\n
In 2013, HMRC was given the power to obtain credit and debit card data, but it has not yet been given permission to access the information held by online trading sites.<\/p>\n
According to the authority, when it is able to use the new powers, it will collect an additional \u00a3860m over the course of the next five years.<\/p>\n","protected":false},"excerpt":{"rendered":"
In its latest move to crackdown on tax evaders, HM Revenue and Customs (HMRC) wants to collect information from internet companies like Ebay and Paypal, to create a database of British users that have generated income from selling online. By receiving data relating to millions of internet transactions, the UK Government would be able to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/886"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=886"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/886\/revisions"}],"predecessor-version":[{"id":887,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/886\/revisions\/887"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}