Tag - United Kingdom

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UK - OTS’ plan to simplify VAT

The Office of Tax Simplification (OTS) has recently launched a report setting out 23 steps for the government to create a less difficult VAT framework.

Frank Haskew, head of ICAEW Tax Faculty, said, “VAT was introduced in 1973 as a ‘simple tax’. Since then it has become vastly more complicated to administer and is a significant burden that falls disproportionately on smaller businesses.”

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EU and UK - Investigation Into Multinational Tax Exemptions

The European Commission is investigating whether a British tax exemption for multinational companies amounts to illegal state aid, the EU’s Competition Commissioner has said. Margrethe Vestager will be probing the “controlled foreign company” rules that came into force in 2013.

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UK - Report Urges Tougher Online VAT Enforcement

HM Revenue & Customs (HMRC) estimates that in 2015-16 £1.5 billion of tax revenue in the UK was lost to online VAT fraud and error. These losses primarily occur when sellers based outside the European Union import goods into the UK for sale to UK customers. Their products are stored in the UK and then dispatched to buyers. The VAT goes unpaid when sellers do not declare the correct value of their imported goods, use false VAT numbers, or avoid registering for a VAT number at all.

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UK - Implementation of customs, sales tax and excise within the UK if no deal agreed with EU

If no deal has been agreed with the European Union regarding future trading relationships then Britain will prepare a customs, sales tax and excise regime that would operate in such an event.

On Monday the government stated that:

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UK - Latest position on how to Make Tax Digital

HMRC is actively looking for feedback in respect of MTD made available through its publication of Finance Bill 2017/19

MTD for VAT requirements will come in to play from 1 April 2019. Those affected will be VAT-registered businesses with taxable turnover over £85,000 however; businesses below this amount can voluntarily opt to join the scheme.

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Traditional Tax Return to end in UK

Two groups will be affected from September 2017.  Firstly new state pensioners with income of more than the personal tax allowance in the tax year 2016 to 2017; secondly PAYE taxpayers who have underpaid tax and who cannot have that tax collected through their tax code.

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UK - HMRC Security Flaws

A researcher who spent fifty seven days trying to report a bug on HMRC’s online tax service site has said that the UK tax office must improve the way it handles website security problems - adding that finding the correct contact to report the issue to was even more challenging than actually finding the bug in the site.

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UK - Sports Direct Distance Selling VAT Ruling

In a decision which could have major ramifications for distance selling legislation the UK Upper Tribunal Court has upheld a ruling in favour of Sports Direct and against HMRC’s position that the retail company owed millions in EU VAT. This was because of alleged arrangements that enabled the company to avoid VAT distance selling rules for supplies to EU consumers.

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UK - Fulfilment House Due Diligence

As we have seen in a number of our bulletins today and in the last few weeks, tax offices across the world are stepping up efforts to try and obtain VAT and sales tax which is not currently being paid. In the UK the Fulfilment House Due Diligence Scheme is part of a package of measures that are intended to disrupt and deter abuse by some overseas businesses selling goods to UK customers via online marketplaces.

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UK - VAT Data for GDP Figures

Small businesses may no longer have to fill out time-consuming surveys about their activities in a shake-up to the way data about the UK economy is gathered. Britain's statisticians will rely less on what business have to say about their activities and more on what the taxman is collecting from them, in an attempt to improve how we estimate the strength of the UK's economy - and cut costs for companies.

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