United Kingdom

UK headed to 24% VAT rate?

May 24th, 2018

The influential Institute for Fiscal Studies has today issued a warning that the UK will face tax rises to support the expectations of continuing, or even improved, care on the National Health Service. VAT or Payroll Taxes rises? A rise from the current VAT rate of 20% to 24% would meet the current level of health …

United Kingdom

EU Customs Union: halves membership rebate for Brexit

May 19th, 2018

The European Commission has proposed that it halves the customs duties rebates to members of the EU Customs Union. The EU currently retains €20billion for its own income of the €25billion in collected common tariffs. The proposal is to raise this to €22.5billion. The extra funding will be retained by the EU as part of its …

United Kingdom

UK HMRC delays projects on Brexit customs fears

May 13th, 2018

The UK’s tax authorities, HMRC, has delayed 39 of its scheduled 267 ongoing efficiency programmes to ensure it can be ready for Brexit on 29 March 2019. Brexit customs IT upgrades sideline efficiency projects HMRC requested the delays to help ensure its new customs declaration services (CDS) would be Brexit-ready for a January 2019 launch. In …

United Kingdom

UK HMRC Seller VAT fraud eBay and Amazon deal

April 6th, 2018

The UK’s HMRC is to publish in April an agreement it has made with major online marketplaces, including Amazon and eBay, to combat VAT fraud on their websites by sellers. The agreement was committed to following a December 2017 recommendation by the Parliamentary Public Accounts Committee, PAC. Any marketplace failing to meet the requirements of …