ACCA (the Association of Chartered Certified Accountants) is today warning traders, who use online sites such as eBay, that they could be targeted in a new campaign by HM Revenue & Customs (HMRC) for unpaid tax.
Chas Roy-Chowdhury, ACCA’s head of taxation, said: 'Many people might not realise that buying and selling online means you could be liable for tax. You will only be liable if you are classified as a trader, therefore those that only sell a few items, fairly infrequently, need not worry.
'If you buy and sell through a shop you would need to pay tax, and trading online is no different. If you fall into this category I would advise you to bring your tax payments up to date. You will be far better off paying any tax owed voluntarily, rather than hoping HMRC doesn’t catch up with you.'
In addition to e-traders HMRC will also be focussing on private tuition providers and traders, following on from their targeting of plumbers recently.
These campaigns are designed to target industries where they believe tax evasion is high.
Chas continued: 'If you are unsure whether you are liable to pay tax I would urge you to either contact HMRC, visit their website, or seek the advice of a qualified ACCA accountant.'
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For further information, please contact:
Helen Thompson, ACCA Newsroom
+ 44 (0)20 7059 5759
+44 (0) 7725 498 654
Notes to Editors
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 147,000 members and 424,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.