HMRC targets 4,300 social media influencers and online earners
The UK tax agency, HM Revenue & Customs, is contacting thousands of online traders, gamers, and social media influencers suspected of not paying the correct tax for their earnings. This includes 2,300 "content creators" who receive money or gifts for their posts on platforms like Instagram, TikTok, and YouTube. Additionally, HMRC will send 2,000 "nudge" letters to those selling goods and services on online marketplaces such as eBay and Facebook.
The tax agency believes that many people earning money from online content creation and marketplace trading are not aware of their tax obligations. HMRC stresses that anyone earning above the £1,000 tax-free trading allowance must report their online income, which is subject to income tax and must be declared in a self-assessment tax return. Ignoring nudge letters may result in higher penalties.
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