The CIOT has published its response to the HM Treasury call for evidence on VAT and the sharing economy which was open until 3 March 2021. The main points of the CIOT response include:
a recommendation that a working group be set up to include representatives from the relevant governmental departments and stakeholders from industry, practice, and representative bodies;
changes in the VAT rules that are implemented for the protection of the revenue or diminished VAT receipts to be measured and targeted for such a diverse sector, to avoid unintended consequences that will impact existing compliant business models;
a review of the agency and principal guidance published on gov.uk to increase certainty, simplicity, and clarity for taxpayers, particularly where there is any interaction with other taxes.
The CIOT has published its response to the HM Treasury call for evidence on VAT and the sharing economy which was open until 3 March 2021. The main points of the CIOT response include:
a recommendation that a working group be set up to include representatives from the relevant governmental departments and stakeholders from industry, practice, and representative bodies;
changes in the VAT rules that are implemented for the protection of the revenue or diminished VAT receipts to be measured and targeted for such a diverse sector, to avoid unintended consequences that will impact existing compliant business models;
a review of the agency and principal guidance published on gov.uk to increase certainty, simplicity, and clarity for taxpayers, particularly where there is any interaction with other taxes.
