New reporting rules for digital platforms
The government has announced new income reporting rules which will impact businesses and individuals that use or operate digital platforms for selling goods and services. What’s the full story?
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New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
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Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
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New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
HMRC is asking for responses to its recently launched consultation, Reporting rules for digital platforms. It’s part of an international initiative to require firms worldwide that operate digital platforms to report details of businesses and individuals that generate income through their sites, e.g. amounts paid, name, address, bank account number, etc. This will give HMRC another tool for checking the accuracy of accounts and tax returns.
The scope of the new regime is very wide and HMRC anticipates that it will apply to up to 5 million businesses and individuals either being required to report information or as the subject of such reports.
While the system will not be introduced until January 2023, HMRC is asking for those who might be affected to engage now in the process of creating the ground rules. The consultation period closes on 22 October 2021.
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