IEIM903210 - Reporting Platform Operator Notification

An Reporting Platform Operator (RPO) must give notice to HMRC that it is an RPO by no later than the 31 January following the end of the first Reportable Period for which it is an RPO.

For example, if a Platform Operator (PO) determines that it meets the criteria of an RPO for the reporting period 1 January 2024 to 31 December 2024 the PO must give notice to HMRC that it is an RPO by 31 January 2025.

The model rules recognise that entities becoming RPOs for the first time (for example, because of the introduction of the rules) may need time to fully operationalise the collection of information and documentation, and verification processes. For this reason, the rules grant transitional relief in respect of due diligence procedures to such new RPOs for existing sellers (see 902230).

This means that the due diligence procedures for existing sellers may instead be completed by 31 December of the second Reportable Period in which the new RPO is subject to the reporting rules. As a result, an optional Extended Due Diligence notification is also available. RPOs making use of the transitional extended period for carrying out due diligence on existing Sellers should make an Extended Due Diligence notification to HMRC by 31 January following the end of the first period for which they are an RPO.