IEIM905120 - Penalties for Failure to Provide Information to Reportable Sellers
Reporting Platform Operators (RPOs) are required to provide Sellers with a copy of the information they have reported to HMRC.
The format of the statement to Sellers is not prescribed, but it should include the Seller’s identification details, Consideration received, broken down on a quarterly basis, details of the Relevant Activities performed and any fees, taxes or commissions withheld. More information can be provided if the RPO considers it to be useful (see IEIM904500).
If an RPO fails to provide information to Sellers, they will be liable to a penalty of up to £5,000 for each Reportable Period in which a failure has occurred. HMRC will issue a notice of an assessment to a penalty. If the failure continues after the notice has been issued, daily penalties of up to £600 per day may apply. Daily penalties will continue until the information has been provided to Sellers.