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Participants in sharing economy unaware of tax obligations

Research commissioned by HMRC has revealed that the sharing economy in the UK generates an estimated £8 billion in gross income every year. Overall, around 5.3 million people now participate in the sharing economy, with buying items to resell (44%) the most common type of activity. This is followed by selling crafts (22%) and renting out accommodation and other types of spaces (19%). However, the research has indicated that many of those involved in the sharing economy are not aware of their tax obligations. Just 35% of people plan to inform HMRC that they participate in the sharing economy, while 54% do not believe their sharing economy income is liable for tax.

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This item has been taken from BAD News published by Cobweb Information.