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May 27, 2024
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Finance expert slams new tax rule that could be ‘difference in paying bills’

Money is on everyone’s mind at the moment.

Between rising bills and the expense of Christmas, January is never a month where many of us are reaching into our pockets.

Recently, HMRC announced plans to tax people who make extra money on the side by buying and selling items online for a profit. An expert has claimed it could make a big difference to people’s wallets.

READ MORE: Experts share simple heating tricks that will save you hundreds this winter

You can read more lifestyle stories from Daily Star here.

Expert from debt solutions specialists PennyPlan revealed what the new rules mean, and how you can stay on the right side of the law when selling items online. Online marketplaces have become an excellent way to make extra cash, especially during the cost of living crisis, with many of us using them to sell unwanted gifts and household items we no longer need.

But now HMRC has announced a crackdown on sellers making a profit on sites such as Vinted and eBay, leaving many to wonder how this will affect them and the additional money they rely on. The new rules will require online marketplaces to provide earnings made by sellers, which has since been dubbed the “side hustle tax”.

However, this new clampdown won’t affect sellers who are already following guidelines from HMRC on additional earnings.

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