In our regular Q&A series, Croner Taxwise, senior VAT consultant, Hilary Budd, explores how Brexit will affect digital service providers using VAT Mini One Stop Shop (VAT MOSS) to account for VAT on sales to EU consumers
Among the recent crop of tax policy announcements, HMRC is consulting on how the principles established for Making Tax Digital for quarterly online filing could be implemented for corporation tax
The OECD’s plans for reaching a consensus-based global approach to taxing digital services have been delayed, with no agreement now likely before mid-2021, despite analysis suggesting up to $100bn (£77bn) is at stake annually, an update on progress has revealed
Amazon paid £293m in tax in the UK in 2019, while its sales rose 26% to £13.73bn, up from £10.9bn the previous year, fuelling concerns about the taxation of digital companies
Online marketplace Amazon is to increase fees for UK sellers next month by 2%, in response to the introduction of the UK’s digital services tax (DST), in a move which is likely to increase costs for small businesses and traders who use the platform
The government is consulting on the scope of qualifying expenditures for R&D tax credits, focusing particularly on whether expenditures on data and cloud computing ought to qualify for relief
The Treasury is consulting on plans for the Financial Conduct Authority (FCA) to regulate the promotion of certain types of cryptoassets for the first time, and to strengthen its role in approving financial promotions by unauthorised firms
The US has launched an investigation into digital services taxes (DSTs) that have been adopted or are being considered by a number of its trading partners, including the UK, on the grounds that they will unfairly penalise companies like Google and Amazon
Chancellor Rishi Sunak has fast-tracked plans to scrap VAT on e-books and e-newspapers, bringing the measures in seven months earlier than announced at the Budget, in a boost to readers and publishers during the coronavirus outbreak
CIOT and the ATT are running an online survey for tax professionals and businesses to provide feedback about their experiences of Making Tax Digital for VAT
HMRC has issued its first detailed guidance on the tax treatment of cryptoasset transactions specifically clarifying the rules for transactions at businesses and companies
HMRC is trialling additional functionality on the online trust registration service to make it easier to register and amend information about trusts, with the aim of launching a full service by year end
