Disclosure: Internet companies Face UK Tax Crackdown

Uploaded on 2015-08-04 in NEWS-Cybersecurity News, FREE TO VIEW, BUSINESS-Services-Financial

Internet companies may have to provide more information on people and businesses that sell goods and services online, in a crackdown on tax evasion.

HM Revenue & Customs wants to target businesses that have failed to register for tax, and individuals who fail to declare the money they make online. It said this "hidden economy" could equate to £5.9bn a year in tax.

HMRC has launched a consultation on extending its powers to collect extra data from firms and individuals. No specific firms have been named, but sellers on Internet marketplaces such as online advert site Gumtree, holiday home rental site Airbnb and e-commerce giant eBay could be among those targeted.

In the consultation document published online, HMRC said data played a key role in enabling it to detect those not paying tax. Existing laws allow HMRC to access certain data but it wants to broaden its scope.

The document said the extended powers would affect businesses acting as intermediaries or providing electronic payment services. HMRC stressed it would not target individuals who sold personal possessions, only businesses that failed to pay tax owed. It said it would not seek to find out what people bought online, but rather what was sold and not declared.

It said those who were tax compliant "should see little or no impact".
The 12-week consultation runs until 14 October.
BBC: http://bbc.in/1D1ci1O

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