'I'm business guru – those making cash on Vinted need to take this HRMC advice'

manchestereveningnews.co.uk:

A small business expert has issued a crucial warning to anyone making money from selling goods online alongside their regular employment, in order to avoid falling foul of HMRC.

Sharing her advice on TikTok, Steph Buttery cautioned those with a "side hustle" on platforms such as Etsy, eBay, TikTok shop, Depop, and Vinted to declare their income to the tax office. "Your boss may not know about your side hustle, but HMRC does," she stated in a video. "If you earn a combined £1,000 [or more] over these platforms, you need to declare it by January 31." She then explained to her followers "exactly what HMRC knows about your income", revealed that eBay are now obliged to share sales data with HMRC, especially if you're selling more than 30 items or have a combined income of over £1,700 per year.

Similarly, if you're earning money from TikTok Shop or TikTok Creator Fund, "HMRC knows" - and it's taxable income. "With new data rules, they're [HMRC] are in the loop for everything," Steph advised, before going on to issued further caution surrounding Vinted and Depop. "If you're selling clothes on these, they're not exempt - combined earnings over £1,000 need to be accounted for and reported to HMRC." Recent changes means both goods and services in this way are subject to tax scrutiny, including income from activities including renting out a room on Airbnb.

Expert Steph highlighted the importance of compliance: "HMRC ensures rental income doesn't slip through the cracks. All of their data is collected and is more comprehensive than ever so you need to make sure you're declaring what you're earning online.