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16th June 2011
The VAT man targets ebay traders
HM Revenue & Customs (HMRC) will be targeting traders on e-marketplaces such as ebay starting this summer.
The threshold where you need to register for VAT is £73,000 and the HMRC feels that there are enough people trading over this limit without registering to justify launching this campaign.
The campaign is aimed at those who are using e-marketplaces to buy and sell goods as a trade or business and who fail to pay VAT when they reach the £73,000 turnover threshold. They are not interested in those who just buy and sell a few items.
The HMRC say they will be taking a hi-tech approach to this campaign using ‘robot’ software to crawl the web and cross referencing the information gathered with both in house and third-party data so anyone who thinks they can avoid registering for VAT just by spreading their trading across several accounts should be waiting for the knock on the door!
HMRC's Director of Risk and Intelligence, Mike Wells 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 campaign willoffer people a partial amnesty with any peanalty capped at between 10 & 20% of the outstanding tax.
Previous campaigns aimed at other trades have raised in excess of £500m
If you think this campaign may apply to you contact the HMRC on: 0845 601 5041
David Heasman © 2011 - The Wholesaler (UK) Ltd
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