HM Treasury – how proposed EU ViDA overlaps and complicates Northern Ireland’s post-Brexit position in EU VAT regime for goods The UK’s HM Treasury has issued a policy paper discussing how elements of the EU’s proposed VAT in the Digital Age (‘ViDA’) reforms may affect goods
New penalties and interest regime for VAT return periods beginning 1 January 2023 The new UK VAT penalties regime for late returns and payments is now in place, with a system of penalty points that can build towards an eventual fines. This has replaced the
HMRC confirms reporting thresholds for goods moving between EU and Northern Ireland will remain unchanged for 2023 The Northern Ireland to EU Intrastat thresholds for 2023 will remain at the 2022 levels of: £500,000 for arrivals £250,000 for dispatches The delivery terms threshold remains at
UK Treasury abandons 2% Online Sales Tax on e-commerce goods and services In the latest Autumn Statement, the UK confirmed that it will stop its review of a potential online sales tax. Following consultations with industry, it was considered the tax on e-commerce would be
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
