VAT

Tax / High end dating site loses VAT dispute

An upmarket matchmaking business has failed in its bid at a First Tier Tribunal (FTT) to overturn a demand from HMRC for VAT due on the services it provides

Tax / HMRC hauls in £3.9bn from sin taxes

There has been a 49% hike in the extra tax raised as a result of investigations into the underpayment of sin taxes, with HMRC collecting £3.9bn last year

Tax / Counterfeit goods costing UK economy £9.2bn

The UK economy is missing out on billions a year as a result of the global trade in fake goods, which  was behind more than 86,000 lost jobs in 2016, according to the OECD

Tax / VAT updates: December 2019

In this month’s VAT updates, Graham Elliott, director at City & Cambridge Consultancy, considers when an employment bureau can and cannot be a joint employer, whether a community amateur sports club can be a charity and the impact of trying to backdate a flat rate scheme application

Tax / VAT receipts hit record £133bn

The amount of VAT collected in the last year has risen by 5.3% to a record £133bn driven by the wholesale and retail sectors, despite widespread VAT evasion

Tax / Q&A: VAT myth buster

In our regular Q&A series from Croner Taxwise, Hilary Budd is myth busting five VAT questions from taxable turnover for Making Tax Digital to input tax on electric vehicles

Tax / MEPs plan clampdown on online platforms to close €5bn VAT gap

European lawmakers are set to tighten rules for large online platforms such as Amazon and eBay to recover billions in lost VAT from sales through their sites

Tax / UK taxes highest since 1950s

Taxes are high by historical standards accounting for over a third of GDP at 34.4%, increasing almost 7% from the 1950s

Tax / Missing trader VAT fraud and input tax recovery

Croner-i tax writer Sarah Kay looks at cases of carousel fraud and what HMRC can do to clamp down on the issue of VAT evasion on goods, by either disallowing input tax recovery or enforcing the domestic reverse charge

Tax / EU plans overhaul of cross-border VAT rules

The EU is set to tighten VAT rules to improve fraud detection in cross-border e-commerce transactions and simplify requirements for SMEs

Tax / HMRC sets out tax treatment of cryptoassets for business

HMRC has issued its first detailed guidance on the tax treatment of cryptoasset transactions specifically clarifying the rules for transactions at businesses and companies

Tax / Goals Soccer Centre accounting loss balloons to £40m

Troubled Goals Soccer Centre, which de-listed from AIM earlier this year following the discovery of irregularities in its accounts, has now admitted the profits of the business may have been overstated by as much as £40m since 2009

Tax / VAT updates: November 2019

In this month’s VAT updates, Graham Elliott, director at City & Cambridge Consultancy, considers whether direct patient contact is necessary for medical services, how waiting for a single document lost a self-builder’s tax claim, and whether a husband and wife’s businesses were one or two businesses

Tax / HMRC gives limited MTD ‘digital links’ extension

HMRC has extended the Making Tax Digital (MTD) for VAT compliance date for businesses judged to have complex or legacy IT systems and they will be given extra time to meet the requirement to maintain digital links as part of the new filing regime

Tax / VAT Q&A: financial intermediaries and VAT exemptions

In our regular Q&A series, Croner Taxwise VAT advisor Priyesh Mistry explains how financial intermediaries can treat supplies as VAT exempt
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