- New UK rules mandate online marketplaces to share more seller data.
- Resulted in a significant increase in VAT compliance, according to HMRC chief Jim Harra.
- Noted a reduction in non-compliance as a consequence of these rules.
- Harra acknowledged that while improvements have been made, the system is “not perfect.”
- The rules were enforced at the beginning of 2024.
Source: news.bloombergtax.com
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.
Latest Posts in "United Kingdom"
- FTT Strikes Out VAT Appeal After HMRC Withdraws Assessments in Oriental Bu Trading Ltd Case
- FTT Grants HMRC’s Application to Strike Out Part of Scott Joseph Studio Ltd’s VAT Appeal
- FTT Refuses Late Appeal Against VAT Penalties in Choudhury v HMRC Due to Adviser Failings
- Supreme Court Rules VAT Chargeable on NHS Hospital Parking; No Special Legal Regime Applies
- FTT Rules Nutella Biscuits Not Partly Chocolate-Covered, Qualify for VAT Zero Rating
