As a UK registered platform, from 1 January 2024 it is a legal requirement for us to collect, verify and report information regarding our sellers’ income from auction sales through the Whisky.Auction platform to HMRC.
The new regulation, entitled Platform Operators (Due Diligence and Reporting Requirements) Regulations 2023, is a global information exchange initiative which will enable HMRC to exchange information with other participating tax authorities to ensure income tax is being paid correctly. This isn’t a change in what is taxable, or your tax reporting obligations.*
Private sellers
From 1 January 2024 we will require our sellers to provide the following details when creating packing slips to sell through the Whisky.Auction platform.
- Full legal name
- Primary residence address
- TIN number(s) (NI Number for UK residents) + jurisdiction of issuance
Primary Residence
Your Primary Residence is your main registered address where you spend the most of your time. This is where you will be registered for legal and tax purposes.
TIN Numbers
Your TIN Number is your registered tax number, relating to your primary residence.
For example, for UK residents selling as private individuals this will be your National Insurance Number.
Not sure what the TIN number looks like for your country? Visit this link to find out more.
If you do not have a TIN number you can apply for one from your local tax authorities, or speak to your tax advisor. Please note, that we will not be able to process your payment without a verified TIN number or written proof that you are actively seeking one (ie. an email exchange with the authorities to request a number).
Trade sellers
From 1 January 2024 we will require our sellers to provide the following details when creating packing slips to sell through the Whisky.Auction platform.
- Legal Company Name and Registered Business Address
- TIN number(s) + jurisdiction of issuance
Legal Company Name and Registered Business Address
This is the name and address of your company as registered for legal and tax purposes e.g. with HMRC and Companies House for UK companies (for example, Whisky Auction Ltd is the legal entity for “Whisky.Auction”).
TIN Number
Your TIN Number is your business’ registered tax number, relating to your primary registered business address. In the UK this will be the Unique Taxpayer Reference Number.
For more information on finding your TIN number for a company registered in Europe, please see the information on the European Commission website, here.
TIN numbers globally may vary. Please speak to your local tax authority for more details.
The data will be held on your account and auto-populated each time you create a packing slip. You can view and update your tax information via your user profile.
This data will be shared with HMRC in an annual report, each calendar year, so that they can check against their tax records or share with relevant jurisdictions where sellers are not UK residents. We will also share all data given to HMRC with you in an annual report to aid you in your tax self- assessment.
Please note that we may be required to withhold your payments if you do not provide us with the correct information.
Data protection
All data will be encrypted from entry onto our website, and will only be used by our staff and our third party verification company, as is necessary to ensure compliance with the legislation. See our privacy notice for more information.
*Note on taxation
You may be liable for tax on the income that you receive. It is your responsibility to pay any taxes due and you may be liable for penalties if you do not. You should seek guidance from the tax administration in your jurisdiction(s) of tax residence (which should be available on the tax administration website).