October 5, 2016
A boom in sharing economy businesses is expected to result in chaos for UK taxpayers, as accountants warn that mass confusion will send number of late tax returns above 1 million for the first time this year. In March the Government announced a new sharing economy tax break to let people earn £2,000 tax free from sites like AirBnB and eBay, however many will not have realised it is only effective from 2017. This means taxpayers who profited from an explosion of activity in the sharing economy last year will get no tax break, and will be expected to pay tax on all of their earnings….
Source: http://www.telegraph.co.uk/news/2016/10/05/airbnb-tax-chaos-sharing-economy-boom-to-push-fines-for-late-tax/