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Old 12-22-2023
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Default What has everyone for Planned for when OECD comes into effect next year?

Hi Guys,

As we are only a week away from when the data capture will start for OECD, what's everyone got planned who's running stealth accounts? I know the reporting won't be done until Jan 2025.

I've been thinking about what to do with Ebay\Amazon for a while and now Christmas selling is done, it's my main focus.

Interested on everyone's thoughts.

Merry Christmas Everyone
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Old 12-22-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

in Europe we have DAC7 - I'm also curious what it will look like in practice
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Old 12-22-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

What is OECD?
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

OECD -

Ouch
Ebay
Conned
Deliberately
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Old 12-22-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

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Originally Posted by e2free View Post
What is OECD?

Along with 22 other early adopting countries, the UK is implementing the OECD rules for digital platform transparency. On 19 July 2023, the government issued The Platform Operators (Due Diligence and Reporting Requirements) Regulations 2023, setting out rules requiring digital platforms to share data with HMRC.

From 1 January 2024, digital platforms must collect information for HMRC about the income of sellers of goods, accommodation, transport and personal services on their platform. Businesses must identify whether their online operations are within the scope of the rules and, if so, set up reporting systems and familiarise themselves with the penalties for non-compliance before 1 January 2024. The first reports will need to be submitted to HMRC by 31 January 2025. For overseas resident traders, HMRC will exchange the information with the other participating tax authorities for the relevant jurisdictions.

One positive about this measure for taxpayers is that, unlike Common Reporting Standard data, they will receive a copy of the information provided to HMRC. This will provide them with a statement of the amount earned through the platforms, as well as any fees, commissions and taxes paid or withheld by platform operators (albeit on a calendar year basis) to help prepare their tax returns.
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Basically another power grab to enslave even more income data about the worker bees around the world. Governments produce nothing, they only suck time and labor produced by the working classes.

Taxation never ends it seems, which is why you can see they hate payment systems like Bitcoin, cash, etc. Eventually it will all be centralized into one system, I believe this is the ultimate goal.
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Old 12-23-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Government wants to tax everyone to death. The UAE just becomes more attractive every day.

eBay will lose a lot of business when they start complying. I can see lots of people that sell on a ad-hoc basis where they have a full time job just stop out of fear. And those of us selling on stealths. I'm sure we will find a way depending on the nature of your business.
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

I also think we just have to hope they don't have the physical manpower to go after everyone. Arent they busy going after all the bounce back loan COVID grant scammers ?
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

What's your plan bro?

Quote:
Originally Posted by james_112233 View Post
I also think we just have to hope they don't have the physical manpower to go after everyone. Arent they busy going after all the bounce back loan COVID grant scammers ?
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

I'm going legit. Already stopped selling on two accounts for now and if I can't convert them into 'my' accounts then I'll let them sit.

I agree with the poster above that there the safety in numbers angle but as we don't know how HMRC will manage all this new and easy pickings data I'm not willing to gamble on where the investigation cut off point will be.

Looking at it simplistically, it would take very little effort indeed on their part to fire out a mailshot to effectively everyone who their algorithms suggests is a 'person of interest' and see who comes forward. Clearly they'll have numbers so can easily target the big fish aggressively.

All speculation but I ain't willing to be part of the unknown initial process.
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

On what platform are you looking to convert accounts?

As with everyone I'm not sure how this will plan out. Will it simply be a way of them knowing how much someone turns over on each platform who is known to them, or will they use it as a mechanism to go after sellers who they aren't aware of. How far will they pursue it? Will they go after people through their bank accounts. So much unknown, and another year before we'll know any more.

Quote:
Originally Posted by OldTom View Post
I'm going legit. Already stopped selling on two accounts for now and if I can't convert them into 'my' accounts then I'll let them sit.

I agree with the poster above that there the safety in numbers angle but as we don't know how HMRC will manage all this new and easy pickings data I'm not willing to gamble on where the investigation cut off point will be.

Looking at it simplistically, it would take very little effort indeed on their part to fire out a mailshot to effectively everyone who their algorithms suggests is a 'person of interest' and see who comes forward. Clearly they'll have numbers so can easily target the big fish aggressively.

All speculation but I ain't willing to be part of the unknown initial process.
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Old 12-23-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Quote:
Originally Posted by Automasters View Post
Basically another power grab to enslave even more income data about the worker bees around the world. Governments produce nothing, they only suck time and labor produced by the working classes.

Taxation never ends it seems, which is why you can see they hate payment systems like Bitcoin, cash, etc. Eventually it will all be centralized into one system, I believe this is the ultimate goal.
Always the goal of centralizing, controlling, taxing and keeping the labour force poor and indebted...
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Old 12-23-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Quote:
Originally Posted by Automasters View Post
OECD -

Ouch
Ebay
Conned
Deliberately
Obsessive Ebay Compulsive Disorder, I said this on another thread, why why not agian.
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Quote:
Originally Posted by james_112233 View Post
Government wants to tax everyone to death. The UAE just becomes more attractive every day.

eBay will lose a lot of business when they start complying. I can see lots of people that sell on a ad-hoc basis where they have a full time job just stop out of fear. And those of us selling on stealths. I'm sure we will find a way depending on the nature of your business.
Even tax-free living does not attract me to live in that place
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Old 12-23-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Now is the time to do your own website if you are doing big turnover.
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Old 12-24-2023
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

In the event of a potential audit based on the report, shouldn't income tax be assigned to the bank account number anyway? I doubt that the office is interested in whose details the etsy account is opened, or rather what bank account the money was transferred to and who it actually belongs to
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Quote:
Originally Posted by Jackies View Post
In the event of a potential audit based on the report, shouldn't income tax be assigned to the bank account number anyway? I doubt that the office is interested in whose details the etsy account is opened, or rather what bank account the money was transferred to and who it actually belongs to
Nope, it would be deemed as belonging to the seller account holder and form part of their income and their personal allowance.

You do not need to give your UTR to open a bank account indeed it is not even illegal to use a personal account with a business.

For taxation purposes it belongs to the person who earned it, not where it was deposited.
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Quote:
Originally Posted by OldTom View Post
Nope, it would be deemed as belonging to the seller account holder and form part of their income and their personal allowance.

You do not need to give your UTR to open a bank account indeed it is not even illegal to use a personal account with a business.

For taxation purposes it belongs to the person who earned it, not where it was deposited.
when opening etsy in the UK, do you provide your UTR when registering?
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Old 01-03-2024
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

I see that the feeling of rejection towards taxes is not only a thing in Spain, I thought that in these countries they were more bearable. Human beings are curious, those of us who maintain the system are many more numerous and yet we are the ones with the least strength.
We should end all politicians and put an AI in charge, it would make it much better.
In the future we should create an independent market based on cryptocurrency payments.
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Sadly AI would / will be directly controlled by the same corrupt elites we have now.
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

Quote:
Originally Posted by Automasters View Post
Sadly AI would / will be directly controlled by the same corrupt elites we have now.
probably, but it wouldn't be bad if it were that way
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Old 01-03-2024
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Default Re: What has everyone for Planned for when OECD comes into effect next year?

All over the news the last day, like it's only just been announced. I can't see how HMRC will be able to enforce this for everything.
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