Taxman Using Robot to Catch E-Bay Traders

Demo & Co - Accountants & Business Advisors

About Us Our Philosophy Meet the Team Client Charter Guarantee Testimonials FREE Business Guide Worth £500 Why You Won't Use Us! FREE Consultation Worth £200 Get a Fixed Fee Quote

Compliance Services Accounting Support Services Added Value Services Taxation Business Start-Ups Investments and Pensions Personal

Business Start-Ups Personal Tax General Business Tax Limited Companies VAT Employment Capital Taxes Business Growth Miscellaneous

News > Practice News >

Taxman Using Robot to Catch E-Bay Traders

The taxman has recently invested £250,000 in a 'web robot' to catch out high-volume traders such as those on E-Bay who fail to register for VAT.

The robot is in fact an advance search engine.

It is thought that nearly 70,000 people earn a quarter of their living by trading on the E-Bay website. However, it is also thought a large percentage don't declare their income to the taxman.

Traders of second-hand goods only pay VAT on profits. However, if they fail to register or keep records to calculate this, then the taxman may ask them to account for VAT on the full value of the goods.

The VAT registration limit is presently £61,000 of turnover.

NEXT STEP:
Please contact us if you have any queries on this news release or ask a question.