HMRC have provided updates in the last week on the progress of the implementation of Making Tax Digital (MTD) on 1 April 2019. This includes the news that 35 software suppliers have said they will have software ready during the first phase of the pilot, during which HMRC is testing the service with small numbers of invited businesses and agents
Tag - United Kingdom
The UK Government has issued draft legislation that would transpose new EU VAT rules on vouchers into UK law, along with an explanatory memorandum of the changes.
HMRC have recently released draft legislation which will make supplies of standard or reduced rated construction services (‘specified supplies’) between construction or building businesses subject to the domestic reverse charge, meaning that the customer will be liable to account for VAT due, instead of the supplier.
HMRC has published an update of the list of signatories to the VAT compliance cooperation agreement which is aimed at curtailing abuse by sellers on their platforms. The new online marketplaces to do so are three of the biggest players - ASOS, Etsy and Wolf & Badger.
Further to a previous article we can bring you news that three online marketplaces have so far signed up to HMRC’s VAT compliance agreement since it launched its campaign in April - Amazon, eBay and Frugoo.
HMRC has published an agreement to help build a collaborative relationship with online marketplaces and to promote VAT compliance by users of the marketplaces. When an online marketplace signs up to the agreement, the list of signatories will be updated.
Reform Scotland, an independent think-tank, has called for VAT powers to be devolved from the UK Government to the Scottish Government, once legal restrictions imposed by EU law are lifted following the UK's departure from the European Union.
Following further research by HMRC and the government, new estimates into the source of VAT evasion have been released. Having estimated that between £1 billion and £1.5 billion is lost to Chinese and other overseas sellers, they now suggest that as much as 40% of the total VAT not being paid could be due from UK sellers.
The HMRC Fulfilment House Due Diligence Scheme has opened for registration on April 1st 2018. As reported in a previous article the scheme aims to ensure that fulfilment houses play their part in reducing abuse of VAT rules by online traders based outside the EU.
Following the end of a consultation, the UK Government has said it will now engage with stakeholders on the development of guidance on the regime provided for in The Value Added Tax (Amendment) Regulations 2018, tabled in the House of Commons on February 28th 2018, to provide for the introduction of new digital tax administration obligations for VAT registered persons in the UK.
page 1 of 17 - Next Page »