The Data-gathering Powers (Relevant Data) (Amendment) Regulations, SI 2016/979, specify the data that HMRC may require from two new categories of relevant data holder; namely, electronic stored-value payment service providers and business intermediaries, as introduced by the Finance Act 2016.
The Data-gathering Powers (Relevant Data) (Amendment) Regulations, SI 2016/979, specify the data that HMRC may require from two new categories of relevant data holder; namely, electronic stored-value payment service providers and business intermediaries, as introduced by the Finance Act 2016. The amendments also specify data that may be required from merchant acquirers, to align with the new provisions. The regulations come into force on 1 November 2016. HMRC consulted on a draft version between December 2015 and February 2016.
Relevant data will include:
HMRC will match the data received with data it already holds to check returns. This will improve HMRC’s ability to compare actual sales made with turnover declared in returns. It will also highlight businesses that have not registered for tax, in particular for VAT.
The Data-gathering Powers (Relevant Data) (Amendment) Regulations, SI 2016/979, specify the data that HMRC may require from two new categories of relevant data holder; namely, electronic stored-value payment service providers and business intermediaries, as introduced by the Finance Act 2016.
The Data-gathering Powers (Relevant Data) (Amendment) Regulations, SI 2016/979, specify the data that HMRC may require from two new categories of relevant data holder; namely, electronic stored-value payment service providers and business intermediaries, as introduced by the Finance Act 2016. The amendments also specify data that may be required from merchant acquirers, to align with the new provisions. The regulations come into force on 1 November 2016. HMRC consulted on a draft version between December 2015 and February 2016.
Relevant data will include:
HMRC will match the data received with data it already holds to check returns. This will improve HMRC’s ability to compare actual sales made with turnover declared in returns. It will also highlight businesses that have not registered for tax, in particular for VAT.