Martin Lewis clears 'huge misunderstanding' over HMRC rules for eBay, Vinted and Airbnb sellers

Martin Lewis has cleared the "huge misunderstanding" with some new rules that have been introduced that could affect some online sellers.

Since the start of the year, online services such as Vinted, eBay, Vinted, Airbnb, Deliveroo, and Uber have been required to collect key information on how much money users are making which will later be forwarded to HMRC. Data from this will then be used in combination with self-assessment reports to see if an individual must pay tax.

Some people have grown concerned over the rules with many mislabelling it as a new form of tax. However, Martin highlighted on this week's ITV episode of the Martin Lewis Money Show Live that there are actually no "new" tax rules.

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He added: "There's been a huge misunderstanding about this, on social media a lot and certainly I've read some newspaper pieces that didn't get it right. So this is about - people call it online selling tax - international rules, OECD rules, mean digital platforms will now need to share information with tax authorities - the HMRC in the UK.

"From the 1st of January, they started collecting data and now have to share that by January next year which means they're collecting data for the calendar year 2024. The data will be passed on if you sell over 30 items in a year or if you earn over 2000 euros - so about £1,700 at the moment.

"So if you sell 30 items but they only added up to 200 quid the data would be shared." He stressed that the "tax rules" haven't changed, just the "reporting rules".

He added: "And the most important thing I can say to you is if all you do on these sites is you do a clear out of your old stuff when you no longer