New reporting rules for digital platforms

The government has announced new income reporting rules which will impact businesses and individuals that use or operate digital platforms for selling goods and services. What’s the full story?

New reporting rules for digital platforms

HMRC is asking for responses to its recently launched consultation, Reporting rules for digital platforms. It’s part of an international initiative to require firms worldwide that operate digital platforms to report details of businesses and individuals that generate income through their sites, e.g. amounts paid, name, address, bank account number, etc. This will give HMRC another tool for checking the accuracy of accounts and tax returns.  

The scope of the new regime is very wide and HMRC anticipates that it will apply to up to 5 million businesses and individuals either being required to report information or as the subject of such reports.  

While the system will not be introduced until January 2023, HMRC is asking for those who might be affected to engage now in the process of creating the ground rules. The consultation period closes on 22 October 2021.

Stay Connected

   

Register your email address to get our latest news and updates.

Register

Partners

The Institute of Certified Bookkeepers
Joanne Turner is licenced and regulated by AAT under licence number 1006034

Joanne Turner is licenced and regulated
by AAT under licence number 1006034

 
We’re experts in Xero!
We’re experts in Quickbooks Online!