The Revenue says it will now be looking to eBay traders to make sure they are paying the correct amount of tax.
The Revenue believes there has been a large amount of tax evasion. Mike Wells from HMRC said: “We will use the information we gather to pursue people who choose not to use the opportunities we provide for them to put their affairs in order on the best possible terms. It will be more expensive if we come and find people, so I urge them to come forward and disclose voluntarily.”
The Revenue will be offering reduced penalties, a partial amnesty, provided the trader comes forward and declares their income and pays the tax and interest due.
Please contact us if you are unsure about the taxation of the items you sell on eBay or need to make a disclosure to the Revenue.