HM Revenue & Customs’ Post

Imagine how incredible it would be if your e-commerce business only had to navigate a single sales tax rate! For anyone trading in the U.S., it's no secret that sales tax remains a tangled maze of varying rates and rules. Curious about the most recent developments on uniform sales taxes around the world? Discover more here: https://lnkd.in/e6sBQqPV

There’s been a lot of speculation about new rules requiring online marketplaces to share certain details with us and what this means for taxpayers. The reality? There are no changes to tax rules for people who use online marketplaces. Click below for more information. 👇 https://lnkd.in/d4647ZJf

HMRC will look at the badges of trade to determine whether you are trading. 1.Profit-seeking motive 2.The number of transactions 3.The nature of the asset 4.Existence of similar trading transactions or interests 5.Changes to the asset 6.The way sale is made 7.The source of finance 8.Time between purchase and sale 9.Method of acquisition There is no hard and fast rule like two sales makes you trading, it is on the balance of the nine factors above. If you would like an opinion whether you are trading and the implications please let me know.

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