Sites like Airbnb, Ebay, Vinted and Depop will begin to share information with HMRC and this will allow them to home in on anyone who should be declaring income but isn’t. The threshold for income is set at £1000 a year and anything taken above this means sellers must register as self-employed and file a self-assessment tax return.

What do you need to do?

• If you are an online seller who already pays tax, you don’t need to do anything.

• If you are an online seller and your sales are more than £1000 a year you need to register for self assessment.

• Anyone operating below the thresholds may not have to fill in a tax return, but we would recommend you keep records of everything just in case and seek professional guidance to ensure compliance.