HMRC confirms reporting thresholds for goods moving between EU and Northern Ireland will remain unchanged for 2023 The Northern Ireland to EU Intrastat thresholds for 2023 will remain at the 2022 levels of: £500,000 for arrivals £250,000 for dispatches The delivery terms threshold remains at
Continued freezing of UK VAT registration threshold at £85,000 until April 2026 draws in 16,700 small businesses into tax net Today’s UK Autumn Statement (budget) will extend the VAT threshold at £85,000 for a further two years until at least April 2026. This means the
Lack of definition puts uncertainty on UK VAT obligations for traders and marketplaces The UK’s HMRC has yet to confirm the Value Added Tax status of Non-Fungible Tokens (NFT’s), blockchain certificates of digital and physical assets. Whilst cryptocurrencies, another type of crypto asset, has been
UK Prime Minister candidates review VAT cuts: standard rate from 20% to 15%; energy cut from 5% to 0% Conservative party leadership candidates, and therefore the next Prime Minister of UK, review proposals to cut the reduced VAT rate on domestic energy from 5% to
Starting 1 September 2022 automatic VAT liability assessments for non-UK online sellers where inaccurate returns HMRC is to start imposing automated VAT assessments on non-resident online sellers where their VAT returns indicated inaccurate information. These assessments will cover the period prior to December 2022. Sellers
UK tables legislation to override VAT and customs agreement in Brexit Northern Ireland Protocol On 13 June, the UK government presented domestic legislation, Northern Ireland Protocol Bill, to give it unilateral powers to override certain elements of the Northern Ireland Protocol it signed with the
One-year delay on seller and gig worker income reporting from marketplace operators The UK’s HMRC has delay from January 2023 to January 2024 new transaction reporting for digital marketplace operators and their gig, sharing and goods economy users. This data will be used to help
COVID-19 hospitality VAT rate cut introduced in July 2020 now withdrawn The UK temporary Value Added Tax rate cut on hospitaliy and tourism has now ended, with the sector now returning the standard VAT rate of 20%. The pandemic cut to support hotels, catering and
Chancellor’s Spring Statement cuts on green VAT and Fuel Duty as inflation hits 6.2% – 30 year high The UK Chancellor, Rishi Sunak, delivered his annual Spring Statement. This included a number of indirect tax measures: The supply with installation of domestic insulation, solar panels
