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PAE
marketplaces, they do not need
to file a Self Assessment and
pay Income Tax on the sales.
HMRC’s guidance on selling
online and paying taxes can be
found on GOV.UK.
Myrtle Lloyd, HMRC’s Director
General for Customer Services,
said:
“We want to make sure you
are clear about your tax
responsibilities. These myth
they don’t need to fill in a return, particularly busters and our range of
if they have received a notice to file. If they resources on GOV.UK can help if you are
don’t, HMRC will keep writing to them to unsure if Self Assessment applies to you or
remind them to file their return and we may think you no longer need to file a tax return.
charge a penalty. Just search ‘Self Assessment’ on GOV.UK to
Customers may not need to complete a find out more.”
tax return if they have stopped renting out HMRC has a wide range of resources to
property, no longer need to pay the High help customers register for Self Assessment,
Income Child Benefit Charge, or their income including video tutorials on YouTube and help
has dropped below the £150,000 threshold and support guidance on GOV.UK.
and have no other reason to complete a
tax return. If customers think they no longer HMRC urges customers to file their return
need to complete a tax return for the 2023 to early to provide peace of mind and to also
2024 tax year, they should tell HMRC online allow time to consider opportunities to spread
as soon as their circumstances change. the cost of their tax bill, claim refunds earlier
Customers can watch HMRC’s YouTube and avoid costly errors caused by rushing.
videos on stopping Self Assessment to guide Customers need to keep records to fill in
them through the process.
their tax return correctly and they may be
Myth 5: HMRC has launched a crackdown asked for documents if HMRC checks their
on people selling their possessions online return. Penalties may be issued if records are
and now I’ll have to file a Self Assessment not accurate, complete and readable. Self-
return and pay tax on the items I sold after employed workers must also keep records for
clearing out the attic. their business income, outgoings and make
Reality: Despite speculation online earlier sure they’re registered with HMRC as self-
this year, tax rules have not changed in this employed. More information can be found on
area. If someone has sold old clothes, books, GOV.UK.
CDs and other personal items through online
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