HMRC has seen 7,185 internet retailers register for VAT since March 2016, following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
HMRC has seen 7 185 internet retailers register for VAT since March 2016 following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
The new powers took effect in September 2016 allowing HMRC to force overseas retailers to appoint a UK-based VAT representative or provide a financial guarantee. If they fail to comply the online marketplace which these retailers use to sell their goods could be held liable.
On top of these measures a new fulfilment house due diligence scheme for goods stored in UK warehouses will come into effect in 2018.
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HMRC has seen 7,185 internet retailers register for VAT since March 2016, following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
HMRC has seen 7 185 internet retailers register for VAT since March 2016 following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
The new powers took effect in September 2016 allowing HMRC to force overseas retailers to appoint a UK-based VAT representative or provide a financial guarantee. If they fail to comply the online marketplace which these retailers use to sell their goods could be held liable.
On top of these measures a new fulfilment house due diligence scheme for goods stored in UK warehouses will come into effect in 2018.
See
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")