Online marketplaces have been liable for the output VAT from sales on their platforms by overseas traders since January 2021. HMRC believes that some non-established taxable persons (NETPs) have incorporated in the UK and provided UK address details to marketplaces to avoid these rules. Read More Where this happens, the NETP can fail to declare … Read more
The Terminal Markets Order needs updating, but ICAEW questions why the proposed simplification doesn’t go further. HMRC’s consultation on reforming the Terminal Markets Order (TMO) proposed to modernise the legislation that underpins the VAT treatment of certain wholesale commodity transactions. In its response, ICAEW’s Tax Faculty agreed that the TMO needed modernising. It was broadly supportive of … Read more
In its response to a consultation on the UK’s oil and gas fiscal regime, ICAEW stressed the dangers of overreliance on oil and gas to meet current and future energy demand and highlighted the opportunities that can be created from investment in low carbon technology. The consultation response highlights the fact that, while half of the … Read more