- E-invoicing consultation announced for businesses to consider impacts
- Potential introduction in Budget on 30 October
- Split payments (real-time extraction) use card payment technology to collect VAT on online sales
- HMRC keen to introduce split payments but face hurdles
- HMRC seeking views on split payments through Prior Information Notice and Request for Information
- Online shopping market expansion has brought challenges for tax systems
- UK government believes split payments can help enforce VAT compliance on sellers outside jurisdiction
- Fraud by online sellers is costing UK tax authorities billions
- Proposed split payment methods include standard rate split and extraction of 20% tax regardless of liability.
Source: marcusward.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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