HMRC recently announced that they are giving professional sellers on online marketplaces, such as Amazon, eBay and PlayTrade, the chance to ensure they have paid the right amount of tax as part of an e-Markets Disclosure Facility (e-MDF). Voluntarily coming forward before 14th June 2012 will allow sellers to take advantage of preferential terms when it comes to paying any owed taxes. Taking part means:
- You may only have to pay for a minimum of six tax years
- You can tell HMRC how much penalty you should pay
- You may be able to pay what you owe by instalments
HMRC say the campaign offers a ‘fresh start’. Once you have decided to join the e-MDF you have until 14th September 2012 to make your disclosure and pay anything owed.
With under a month left to declare your intention to take part in the e-MDF, HMRC are hosting a live Twitter event, inviting online retailers to a question and answer session about the campaign. Taking place tomorrow, 16th May between 7pm and 8pm, the session offers a chance to have your questions answered by the experts.
To take part, follow @HMRCgovuk on Twitter and tag questions #emqa either before the session or on the day.
If you are still unsure if you should be taking part in the e-MDF campaign, you can check the HMRC e-Marketplaces website
where there are a series of questions and a video to help you work out if you are considered as trading or not. You can also find information on how to notify HRMC of your intention to take part.
If you are still unsure about whether you should be taking part, or if have any other questions about the e-MDF campaign, join HMRC on Twitter on May 16th.