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Law for Business

Knowhow - guidance - precedents

06 SEP 2012

HMRC calls time on internet traders

Jordans Ltd

 HM Revenue & Customs (HMRC) is giving internet traders the chance to settle their tax bills.

Under the initiative, online sellers are being given the opportunity to come clean about all the tax they owe.

Those disclosing under the tax authority's e-Markets Disclosure Facility will benefit from lower penalties.

Ecommerce traders are being invited to come forward between March 14th and June 14th to notify the taxman they want to take part in the scheme.

They then have until September 14th to give full details of the tax owed and arrange for full payment, including any interest and penalty due.

Some of those making a full disclosure before the deadline will receive no penalty at all, with most receiving a levy of no more than ten per cent of tax owed, HMRC said.

"Our aim is to make it easy for online traders to contact us and make a full disclosure of income, thereby putting their affairs in order," said Marian Wilson, head of HMRC campaigns.

"Those who only sell a few items and who are not traders are unlikely to be liable to pay tax on what they sell and will not be targeted by this campaign."

The initiative follows a clampdown on tax evasion in the motor trade and by market stallholders and clothing sellers.

Internet Business: Commerce and Tax, by Julian J.B. Hickey, Partner, Bird & Bird, LLP,   is a timely and practical guide to the taxation of internet business activities, and is the first point of reference for those involved with advising such businesses.

It provides an up-to-date overview of the main tax issues, and takes into account recent changes in UK legislation and case-law.

This book is the second edition of the well received e-commerce: law, business and tax planning. In the ten years since the first edition was published and the dotcom bubble burst, tax has been a constant issue for all internet based businesses and transactions. It examines the direct tax and VAT issues relevant to all the important areas of internet business.

LINK http://www.jordanpublishing.co.uk/publications/commercial/-internet-business-commerce-and-tax-#overview


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