Nicholas Thomson’s Post

From 1st January, HMRC has sharpened its focus on online marketplaces after signing up to new rules via the Organisation for Economic Cooperation and Development (OECD). This will impact anyone who sells through an online marketplace, but what you might not realise is the variety of things that can, and will, be assessed. Not only will online stores like Vinted be scrutinised, but the rules will also extend to platforms such as Airbnb for property rental, and taxi and delivery services, to name just a few. It’s important that you engage with reputable, knowledgeable accountants to be certain you’ve completed a personal tax return and declared all relevant income. Ignorance is certainly not bliss when it comes to this topic. You can arrange to speak to Brookson’s experts for more information and guidance here: t.ly/jvBG9

Every platform should be able to identify their processing fee % and net margin % on each individual payment. It should be simple, but it's not. We have enhanced our dashboard to make it easier to view this at a glance, drill deeper into your numbers and help you build a rock solid revenue model. 🧠 Spend more time making the right decisions, 😾 not more time herding your numbers. #platforms #marketplaces #stripe #stripeconnect #fees #IC #payments

With so much in the news about online marketplaces now sharing information with HMRC, we have made it the subject of our latest blog post. The rules haven't changed, only the way information is shared, but to find out more click on the link - https://lnkd.in/eFy_xTEv

Introducing an exciting new feature that will help streamline the way you manage your trading account with us – Online Account Payments! You can now conveniently settle your account balance, invoices, and even partial payments with just a few clicks. #mmmackay #mmelectricalmackay #mackay #shoplocalbusiness #mmelectrical  

Checkout our new blog post on optimizing international checkout to help you increase conversion rates! 🌍💰 Check out our top 5 tips to streamline the process and make it easier for customers around the world to complete their purchases. ✨ Multi-currency checkouts ✨All inclusive landed costs ✨Multiple payment options and more! Read more here: https://hubs.li/Q02rX_2w0 #internationalcheckout #conversionoptimization #ecommercegrowth

Breaking the LinkedIn silence of 2024 with something almost everyone’s talking about... The talk about HMRC and second-hand sales on platforms such as eBay, Vinted, and Depop isn't just buzzing among my friends - it's making headlines and surfacing all over social media. Curious minds think alike, right? Here is a quick breakdown of what to know: 💠 HMRC to monitor income earned from platforms such as Vinted, eBay, and Airbnb from January 2024, collecting user income data automatically. 💠 Digital platforms will gather sellers information, including earnings and fees to be shared with HMRC by January 2025. 💠 Sellers already declaring earnings won't see much change, but non-compliance might lead to demands, aided by information flow to HMRC. 💠 A trading allowance of £1,000 exists, earnings below this may not require a tax return. Above £1,000, tax returns are expected. 💠 Clothes/items sold at lower prices than bought aren't taxed. 💠 Non-compliance might lead to 'nudge' letters, voluntary disclosures, or HMRC audits for undeclared income. 💠 Platforms like Vinted and eBay are preparing sellers for the new rules by collecting necessary information. 👇 Find valuable tips on navigating these changes, below. #hmrc #ecommerce #onlineseller

UPI's surge isn't just about convenience; it's about its cost-effectiveness for businesses. While credit cards offer convenience for customers, high MDR charges led many businesses to favor UPI in the past. With UPI payments, what you see is what you get. Businesses received the full amount without any deductions, making it a preferred choice obviously. However, the story changes with UPI with Rupay Cards, where MDR charges resurfaced, impacting business owners negatively. Surprising fact: UPI payments on Rupay Credit cards aren't free! The burden of MDR charges falls on business owners, affecting their bottom line. Why does the 2% commission matter? Let's break it down: for the last months ₹20 L received via UPI-linked credit cards, we ended up shelling out ₹40,000 + GST as commissions to our banks. That's equivalent to the monthly salaries of two housekeeping staff members at our Airbnb's! Remember, nothing comes for free. As customers, it's crucial to recognize that someone bears the cost. Whether it's directly reflected in the price of goods or services, or through increased taxes, this reality often creates the impression that everything is becoming more expensive day by day. 🛒💰 #CostOfLiving #Awareness #EconomicRealities #PaymentInsights #BusinessCosts

Pay ins & pay outs, refunds & disputes,... 🔎 Find out how to accept payments on your marketplace thanks to our new blog article, intended as a getting started guide. We will guide you ↔ through good practices and obligations in relation to marketplace payments. What are the requirements in terms of payment and the parameters to be taken into account? What to look for in advance? Legal obligations ⚖ , payment solutions 💳 , integrations 💻 ,... are questions we address in our blog article: https://lnkd.in/es5J5QQJ Available in English and in French. #Marketplacepayments #Starterguide #Startamarketplace #Payments #Marketplace

An interesting article posted from UKTN The latest announcement from HMRC is probably not going to make it a happy new year for those that make money through selling second hand goods online. Ecommerce platforms that allow people to sell second hand goods will be required to report users earning in excess of £1000 to HM Revenue and Customs who will in turn expect them to file tax returns declaring those earnings.   The question is how immediate will the impact on the number of people using these platforms be and the long term impact on the platforms themselves which include the likes of Amazon, Vinted, Depop and Airbnb. While those that run fully fledged businesses via these platforms may already be declaring such income through their tax returns, a huge proportion of sellers are unlikely to have even considered that the cash they earn through selling their own belongings could be taxable. 

⭐ You may have seen the reports this week about HMRC clamping down on people who are selling on sites such as Airbnb, eBay and Vinted (there are other online selling platforms available). ⭐ Under the new rules these selling platforms will be sharing data with HMRC, but not for sellers who make fewer than 30 transactions or £1,735 per year. Note the word in the articles 'profit' 💵 - if you are selling your own goods, it is highly unlikely you will be making a profit. But, if you are buying second hand goods and then selling them on, this is different. Are you running a 'side hustle' where you are turning a profit of more than £1,000 per year? Does this constitute a trade? 👨🔧 Everyone's tax circumstances are different, you could be running a table top business from your kitchen and have no other income, there will not be any tax consequences for you. But if you have a job and are continuing a trade, it could be taxable. Don't get caught out - get some advice. 🤓 enquiries@createbalance.uk 01892 311890