USING online sites such as eBay or Airbnb can be a great way of earning some extra money, but if these are being used for carrying on a trade, it is the responsibility of private traders to disclose their earnings to HMRC and pay the correct amount of tax.
Baker Tilly has issued a warning to those trading online after John Woolfenden was convicted last week at Bolton Crown Court on two counts of cheating the public revenue and one count of concealing or transferring criminal property.
Woolfenden evaded paying £299,752.93 in tax whilst trading on eBay over a period of six years and was subsequently sentenced to two years in prison.
Commenting on the implications of the case, Tim Smith, tax partner at Baker Tilly in Basingstoke, said: ‘‘HMRC is now getting tough on online traders and the outcome of this case very clearly highlights the dangers of failing to declare the correct income.’ If you would like to learn more about this, please contact Jo Gibbons on 01256 486800 or jo.gibbons@bakertilly.co.uk
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