HMRC says that when goods or services are sold in exchange for a cryptocurrency, VAT will be due as per normal.
The value of supply will thus be calculated in GBP: “The value of the supply of goods or services on which VAT is due will be the pound sterling value of the exchange tokens at the point the transaction takes place.”
Source: vatglobal.com
Latest Posts in "United Kingdom"
- Interest Payable on VAT Element of Commercial Debt Under Late Payment of Commercial Debts Act 1998
- Addressing Unfair VAT Repayment and Interest Rates: CIOT and ATT Autumn Budget 2025 Representation
- UK Tribunal Clarifies Input VAT Deductions and HMRC Discretion Under VAT Regulations 1995
- UK Tribunal Rules Company Cannot Reclaim Input VAT Due to Pre-Registration Purchases and Invalid Invoices
- Permission to Make Late VAT Appeal Refused: Choudhury v HMRC, Martland and Katib Applied
