Daily Mail – Thousands of AirBnB and eBay users hit by tax raid: Families who make extra income online are targeted by HMRC crackdown

January 9, 2017
Hundreds of thousands of families who earn extra cash online face shock tax bills and fines unless they declare the income by the end of the month. Experts fear homeowners who rent out rooms on sites such as AirBnB, or ‘mumpreneurs’ who make extra cash by selling homemade goods, have no idea they must pay tax on their earnings. In fact, most people taking part in the so-called ‘sharing economy’ are liable for tax on any cash they generate, in the same way they pay income tax on their wages. Now, HMRC has said it is actively pursuing those who fail to declare these earnings by the January 31 deadline – and hopes its crackdown will raise millions of pounds in extra revenue…
Source: http://www.dailymail.co.uk/news/article-4100624/Thousands-AirBnB-eBay-users-hit-tax-raid-Families-make-extra-income-online-targeted-HMRC-crackdown.html