What do I need to know?
As an online marketplace, By Rotation is required to submit information to HM Revenue and Customs (HMRC) for Lenders and Sellers that meet the requirements. These rules came into effect on January 1st, 2024, and we are required to annually report on the previous calendar year, 1st January - 31st December.
The requirements are that Lenders and Sellers who make over £1700 or have more than 30 transactions, must report their data to HMRC. By Rotation is required to submit this, along with additional personal information.
What information is required from Lenders?
If you are an individual or business, we will require different information as outlined below:
Individual
- Full name and date of birth
- Address
- National Insurance or Tax ID Number
Business
- Name of the business & address
- Tax ID number
- Business Registration number
By Rotation will additionally share the following information:
- Total amount paid to the Lender, for the calendar year 2024
- Total number of transactions, during the same period
How should I submit my information?
We will email you to request your information, as above, if you meet the criteria. You must answer the questions provided and then submit your form as soon as possible, to avoid any further action taken on your account.
Please ensure your tax information is up to date and accurate for reporting. You can reach our team for support at help@byrotation.com
What happens if I cannot provide this information?
Your account may be suspended or deactivated, and your payouts will be paused. We are legally required to report this information to HMRC, therefore we won't be able to let you continue lending until this is complete.
How can I see a summary of my payouts?
Please email our team at help@byrotation.com and we will share your payout earnings report.
Does this mean I need to pay tax on my sales?
You should only pay tax on your profits made from lending or trading second-hand items. We recommend consulting an accountant or tax advisor for guidance if you have further questions.
You may still be required to submit a self-assessment tax return.
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