Lack of definition puts uncertainty on UK VAT obligations for traders and marketplaces The UK’s HMRC has yet to confirm the Value Added Tax status of Non-Fungible Tokens (NFT’s), blockchain certificates of digital and physical assets. Whilst cryptocurrencies, another type of crypto asset, has been
Starting 1 September 2022 automatic VAT liability assessments for non-UK online sellers where inaccurate returns HMRC is to start imposing automated VAT assessments on non-resident online sellers where their VAT returns indicated inaccurate information. These assessments will cover the period prior to December 2022. Sellers
The UK 2020/21 VAT Gap was £9billion, down from £12.5 billion as COVID-19 deferred VAT scheme unwinds The difference between the UK expected and actual VAT reveipts has shrunk according to the UK’s HMRC from 8.6% to 7% – which equates to £9 billion. This
One-year delay on seller and gig worker income reporting from marketplace operators The UK’s HMRC has delay from January 2023 to January 2024 new transaction reporting for digital marketplace operators and their gig, sharing and goods economy users. This data will be used to help
CONFIRMED: Much postponed Agri-foods pre-notification and documentation border controls delayed for 4th time from 1 July 2022 to ‘late 2023’. The cost of living crisis, Russian invasion of Ukraine and ongoing border delays mean the latest round of post-Brexit customs checks has been delayed from
UK Treasury launches 3-month review on 1% to 2% Online Sales Tax on e-commerce goods and services A consultation into taxing e-commerce to subsidise high-street retailers’ Business Rates charges has been launched until 20 May 2022. Three models are being reviewed: % turnover tax on
Alternatives for determining the customs value for post-Brexit import declarations Following the UK’s departure from the EU Customs Union and VAT regime after 31 December 2020, importers will have to declare the valuation of any goods moving between the UK and EU. There are special
What customs documents and processes should UK importers observe since 1 January 2022 following the ending of Customs controls and tariffs easements Since 1 January 2022, the UK has ended the customs admin and controls suspension on imports coming into the UK from the EU.
Government delays from April 2022 to Jan 2023 new Value Added Tax penalty regime due to IT issues Reforms to align the VAT penalty regime to that of other major taxes has today been delayed nine months until 1 January 2023. This is due to
