HM Revenue & Customs (HMRC) has published a Making Tax Digital (MTD) ‘Mythbusters’ helpsheet to clarify the current situation regarding businesses and MTD.
The tax gap – the difference between the amount of tax that should be paid and what is actually paid – has shrunk to just 5.6 per cent.
Just 17 per cent of businesses who trade with the EU have registered for an Economic Operator and Registration Identification (EORI) number, new figures have revealed.
Accounting experts have accused HMRC of shifting the “tax burden” onto UK consumers after finding that 21 per cent of their total income is accounted for by VAT.
The Joint and Several Liability (JSL) notices, were introduced in 2016 to protect British businesses from being undercut by overseas sellers committing VAT evasion.
In the UK, businesses can only charge their customers VAT if their business has been registered for VAT purposes with HM Revenue & Customs (HMRC).