- HMRC published GfC21 guidance on how UK VAT applies to cryptoasset activities.
- The guidance covers when businesses dealing in cryptoassets may need to register for VAT, as well as place of supply rules and record-keeping.
- It explains how VAT applies to businesses that sell, exchange, or facilitate cryptoasset transactions, including who must account for VAT and where VAT is due.
- HMRC says following the guidance and related VAT rules should help businesses avoid errors, VAT adjustments, and penalties.
Source: claritaxnews.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.
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