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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Review how much VAT charged on sales?
A recent Tribunal case ruled that HMRC’s logic was flawed in dealing with a “what is the supply” challenge. Does this mean you should check that you are charging VAT correctly on your sales if there could be doubt about what you are selling?
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Are buy-to-let companies worth the hype?
There’s no doubt that landlords have been on the receiving end of multiple tax hikes in recent years. So called “property experts” will tell you that the best tax-saving strategy is to operate through a company. Are they right?
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Electronic VAT return
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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