Selling on eBay? Your data may be shared with HMRC. The launch of a new Disability Finance Code, and is this the start of the renationalisation of our railways?
A wide range of topics in today’s blog post – if you sell goods or services on eBay or Airbnb be aware they are now required to share some of your data with HMRC. Plus, we see the launch of the new Disability Finance Code, and South Western Railway will be renationalised in May 2025, could this be the first of many?
New reporting requirements for online platforms
New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC).
Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes to the tax rules for someone selling unwanted possessions online.
Angie MacDonald, who is HMRC’s Second Permanent Secretary and Deputy Chief Executive Officer, said: “We cannot be clearer – if you are not trading and just occasionally sell unwanted items online – there is no tax due.”
HMRC have advised that anyone who sold at least 30 items or earned roughly £1,700, or provided a paid-for service, on a website or app in 2024 will be contacted by the digital platform in January to say their sales data and some personal information will be sent to HMRC due to new legal obligations.
This does not mean that an individual automatically needs to complete a tax return. However, if the following applies then you would likely need to register for self assessment (if you are not already registered) and pay tax.
- Buying goods for resale or making goods with the intention of selling them at a profit; or
- Offering a service through a digital platform – such as delivery driving or letting out a holiday home; and
- You generate a total income before deducting expenses of more than £1,000.
If you are concerned about whether you are likely to need to register for self assessment or pay tax, give us a call and we will be happy to help you.
See: https://www.gov.uk/government/news/no-tax-changes-for-online-sellers
Better finance access for disabled entrepreneurs
In the runup to Small Business Saturday last week, a new Disability Finance Code was launched.
Research indicates that if opportunities were improved for disabled founders, it could unlock an additional £230 billion for the UK economy in growth and jobs.
Barclays, HSBC, Lloyds and NatWest have all signed up to this new scheme that is designed to help more disabled entrepreneurs get access to finance and support to start their own business.
Joseph Williams, CEO and co-founder of small business Clu said: “When disabled entrepreneurs are given equal access to finance, society gains in ways that go far beyond individual success. Inclusive entrepreneurship drives innovation, creates diverse workplaces, and encourages economic growth that benefits everyone.”
If you would like help in knowing where to go to access finance for your new business idea, why not get in touch? We would be happy to help you make your dreams a reality.
South Western Railway: The first railway service to be renationalised
Following Royal Assent of the new Passenger Railway Services (Public Ownership) Act 2024, the Transport Secretary has revealed that South Western Railway’s services will be the first to transfer into public ownership in May 2025.
C2C will be transferred in July 2025, with Greater Anglia following in autumn 2025. The Department for Transport expects to transfer all passenger services that are currently being operated under contracts to public ownership within the next 3 years.
The publicly run services will eventually be run by Great British Railways (GBR), a body that the government will set up, but initially will be handled by DfT Operator Limited.
The government plans to reform the railways and believes that a transition to public ownership will improve reliability and support for the railway. They also believe it will help to boost economic growth and save taxpayers £150m per year in fees.
While the move is expected to help reduce cancellations and lateness, Transport Secretary Heidi Alexander made no comment on whether renationalisation will result in cheaper fares.
See: https://www.gov.uk/government/news/first-train-services-to-return-to-public-ownership-revealed
Diamonds might be forever
The UK Atomic Energy Authority (UKAEA) reported last week that its scientists and engineers along with the University of Bristol have successfully created the world’s first carbon-14 diamond battery.
A battery of this type has the potential to provide power for thousands of years, making it a very convenient and long-lasting energy source.
According to Sarah Clark, Director of Tritium Fuel Cycle at UKAEA, “Diamond batteries offer a safe, sustainable way to provide continuous microwatt levels of power. They are an emerging technology that use a manufactured diamond to safely encase small amounts of carbon-14.”
As the battery only produces low levels of power, it’s not going to be found in your smartphone anytime soon. However, it could provide significant benefits in medical situations. For instance, ocular implants, hearing aids, and pacemakers may be able to make use of bio-compatible diamonds, which would minimise the need for replacing these devices and lessen distress to patients.
It could also have applications in extreme environments where replacing conventional batteries is not practical.
See: https://www.gov.uk/government/news/diamonds-are-forever-world-first-carbon-14-diamond-battery-made
Are you prioritising mental health in the workplace?
In a survey of 1,025 employees carried out by ACAS, 9 in 10 said they thought it was important for mental health to be prioritised at work.
As a result, ACAS is encouraging employers to have empathetic conversations with their staff to ensure mental wellbeing is supported in the workplace.
Many do not like to talk about mental health and not everyone will show obvious signs of poor mental health. So, how can you detect if someone is suffering?
ACAS highlighted the following possible signs:
- They appear tired, anxious or withdrawn.
- They are late to work (especially if this is a change) or have increasingly been off work sick.
- Their focus on tasks or standard of work drops.
- They seem less interested in tasks they previously enjoyed.
- Their behaviour with others changes.
ACAS Head of Inclusive Workplaces Julie Dennis has reminded employers that “some people with poor mental health can also be considered disabled under the Equality Act, which means an employer must make reasonable adjustments at work.”
Figures provided by the Office for National Statistics show that 18.5 million work days were lost in 2022 because of mental health conditions.
Being sensitive to mental health conditions may help you to both improve your employees wellbeing but also increase productivity.
See: https://www.acas.org.uk/9-in-10-employees-want-bosses-to-prioritise-mental-health-at-work