HMRC has seen 7,185 internet retailers register for VAT since March 2016, following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
HMRC has seen 7 185 internet retailers register for VAT since March 2016 following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
The new powers took effect in September 2016 allowing HMRC to force overseas retailers to appoint a UK-based VAT representative or provide a financial guarantee. If they fail to comply the online marketplace which these retailers use to sell their goods could be held liable.
On top of these measures a new fulfilment house due diligence scheme for goods stored in UK warehouses will come into effect in 2018.
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HMRC has seen 7,185 internet retailers register for VAT since March 2016, following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
HMRC has seen 7 185 internet retailers register for VAT since March 2016 following the announcement of new powers to hold online marketplaces liable for unpaid VAT. This represents a tenfold increase over the 695 registrations in 2015.
The new powers took effect in September 2016 allowing HMRC to force overseas retailers to appoint a UK-based VAT representative or provide a financial guarantee. If they fail to comply the online marketplace which these retailers use to sell their goods could be held liable.
On top of these measures a new fulfilment house due diligence scheme for goods stored in UK warehouses will come into effect in 2018.
See
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