HMRC contacts agents of businesses in the hot food sector
[ad_1] A letter is being sent to over 500 agents asking them to check whether all sales of clients in the hot food sector are being recognised for VAT, income tax and corporation tax purposes. HMRC has identified over 4,000 businesses where it has reason to believe that their VAT liabilities should be higher than […]
Expansion of cash basis for unincorporated businesses
[ad_1] The government has published the summary of responses to a consultation on the cash basis alongside the Autumn Statement. This announces relaxations that will allow more businesses to use this basis of taxation from 6 April 2024. Self-employed business owners and partners with trading income currently calculate their taxable income for income tax purposes […]
HMRC asks VAT businesses to prove UK establishment
[ad_1] Businesses registered for VAT at a high-volume address will be asked by HMRC to prove they are established in the UK. 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 […]
How will the EU CBAM affect UK businesses?
[ad_1] The EU’s carbon border adjustment mechanism enters its transitional phase on 1 October 2023, meaning that UK businesses exporting to the EU must prepare for the changes. The EU’s carbon border adjustment mechanism (CBAM) is a policy developed by the EU to prevent ‘carbon leakage’. UK businesses exporting to the EU need to be […]
HMRC to remove XI EORI numbers from some businesses
[ad_1] Businesses should act now if they need to keep or restore their XI EORI number to move goods into Northern Ireland. HMRC has announced plans to remove XI Economic Operators Registration and Identification (EORI) numbers from some businesses trading in Northern Ireland. These XI EORI numbers were issued before 14 September 2021. HMRC is […]
HMRC sends pillar two educational letters to large businesses
[ad_1] HMRC has started sending letters to large businesses who it believes may be within the scope of the UK’s new multinational top-up tax (MTT) and domestic top-up tax (DTT). The letters are intended to educate businesses about the new rules being introduced and allow them to clarify any issues in advance with HMRC. MTT […]