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Is the correct tax being paid?
Key points
- Over the past few years there has been an increase in customers buying goods and services using digital platforms and this has accelerated during the pandemic.
- Many individuals have taken this time to develop new online businesses but may not always have considered the tax consequences.
- The UK has consulted on the practical implications of enacting the OECD’s model rules for digital platforms. The intention is that the model rules will apply from 1 January 2023.
- HMRC is planning to develop an online service for platform operators to provide information in a standardised format.
- Sellers need to know their own HMRC reporting requirements.
Over the past few years there has been a significant increase in customers buying goods and services via digital platforms and this has accelerated during the pandemic. Many individuals have taken this time to develop new online businesses and in doing so may not always...
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