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May 2012

HMRC target online auction sites

HMRC are requesting detailed information about members belonging to online auction sites. The auction sites involved have been told they have a legal obligation to comply; failure to do so will result in an initial penalty of £300 plus up to £60 per day for any continuing failure.

The notices ask for an HMRC template spreadsheet to be completed which asks for information including the name, address and post code of each member, the date on which the member first registered and the member’s username.

The e marketplace campaign is aimed at those people who buy and sell goods online as a trade or business, but who have failed to make a full disclosure of their income. Campaigns are part of HMRC’s strategy to collect an additional £4 billion and close the tax gap for the Treasury before next April.

If you think you may be subject to a tax enquiry or have any questions about this, please contact one of our tax managers either Ian Frost on 0121 711 2468 or Sarah Grandison on 02476 518 555.