"From January 2026, digital platforms such as Airbnb and Vinted will share detailed earnings data directly with HMRC under new international reporting requirements designed to clamp down on undeclared income."
"Platforms are required to report key personal and financial details, including the seller's name, address, date of birth, National Insurance number, total income earned, and the number of transactions completed."
"Seb Maley, chief executive of tax insurance provider Qdos, stated that HMRC now has 'far greater visibility' of online earnings than ever before, reducing the scope for underreporting."
"'This is a major shift in how HMRC monitors income, and could easily catch a lot of freelancers and people with side hustles off guard,' Maley added."
From January 2026, digital platforms will share detailed earnings data with HMRC under new international reporting requirements. This change follows the OECD's Model Reporting Rules, requiring platforms to collect seller information. The rules apply to various activities, including property lets and freelance services. Key personal and financial details will be reported, enhancing HMRC's ability to monitor income. Tax experts warn that many workers may not understand the implications, as HMRC's visibility of online earnings increases, reducing underreporting opportunities.
Read at London Business News | Londonlovesbusiness.com
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