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HMRC's most recent report revealed that their compliance yield revenue reached record levels through targeting individuals and businesses like you. Investigations can cost you time and money but we can make sure you are protected. Contact us today to find out more.
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Did you know that if you develop new software, develop a new or even improve an existing product you could qualify for R&D tax relief? Contact us today to find out more.
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VAT ON EBAY CHARGES
This change, effective from 1st August 2017, follows a restructuring by eBay resulting in UK customers no longer contracting with eBay Europe but with eBay UK.
This follows on from last year's package of measures introduced by the Chancellor, aimed at tackling the rapidly growing VAT evasion by overseas traders that sell goods in the UK via online marketplaces such as eBay, Amazon and others. As a result, HMRC was given the power to force online marketplaces to ensure that their overseas customers were registered and accounting for VAT or risk being liable for the VAT themselves.
If the overseas retailer does not comply with the above requirements, HMRC can issue a direction to the online marketplace notifying that it will be jointly liable for the VAT on future sales made by that overseas retailer if it is allowed to continue using the online marketplace.
The direction will normally provide a period of 30 days for the online marketplace to either, ensure the overseas retailer becomes VAT registered, obtain funds from the overseas retailer to meet any future VAT liability or remove the overseas retailer from its marketplace so that it can no longer transact sales in the UK. If the retailer fails to take any action within this 30 day notice period then the online marketplace will automatically be liable for the VAT
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