United Kingdom
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Summary
Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.
Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.
Updates
07.06.22
|07.06.22
|Further to the consultation on the implementation of the Organisation for Economic Co-operation and Development (OECD’s) Model ‘Reporting rule for digital platforms’, the UK government has announced that new UK reporting requirements will be introduced.
These will take effect from 1st January 2024, with first reports expected to be submitted by the end of January 2025.
There has been a substantial amount of feedback during the consultation. HMRC is collating this and striving to publish the government response to the consultation along with draft regulations providing details of the new regime.
To ensure implementation of the regulations is in a ‘proportionate and effective manner’, HMRC will engage with digital platforms and their providers before the regulations come into effect. It is hoped this prior interaction between the regulatory bodies and digital providers will engineer a smooth adoption of the regulations.
05.27.22
|04.28.22
|04.28.22
|02.04.22
|The Isle of Man fiscal structure is virtually identical to that of the United Kingdom – and so it isn’t surprising to see that the Isle of Man Treasury have published some guidance on the UK Plastic Packaging Tax (PPT).
This guidance includes a link to the UK HMRC website, which provides detailed information relating to PPT. The link can also be accessed here.
11.12.21
|The UK government approved a VAT increase for the hospitality sector to 12.5%, effective 1 October 2021. This will apply until 31 March 2022.
The VAT rate for hospitality was temporarily reduced to 5%, and this reduced rate was extended until 30 September 2021. The temporary 12.5% was introduced to manage the proposed eventual transition back to the original 20% VAT rate.
Tungsten Network has included the new 12.5% rate in our system.
03.31.21
|The UK Chancellor is again extending the VAT reduction on Hospitality and Tourism from 20% to 5% until 30 September 2021. It will then be reduced to 12.5% until April 2022 to help businesses in gradually moving back to the standard rate.
03.31.21
|The UK Chancellor is again extending the VAT reduction on Hospitality and Tourism from 20% to 5% until 30 September 2021. It will then be reduced to 12.5% until April 2022 to help businesses in gradually moving back to the standard rate.
12.23.20
|As the VIES VAT identification check will no longer be available in UK post Brexit, HMRC has launched its own VAT identification validation checker. To access the tool, please follow this link.
12.23.20
|As the VIES VAT identification check will no longer be available in UK post Brexit, HMRC has launched its own VAT identification validation checker. To access the tool, please follow this link.
10.06.20
|The temporary VAT rate reduction to 15% VAT for the tourism and hospitality sectors will be extended up to the end of March 2021.
10.06.20
|The temporary VAT rate reduction to 15% VAT for the tourism and hospitality sectors will be extended up to the end of March 2021.
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