John Healey ‘targets tax crackdown on online marketplaces’ in first budget
Source: The Guardian ·
Firms such as Amazon and eBay would be responsible for collecting tax owed by retailers selling on their platformsA tax crackdown on online marketplaces such as Amazon and eBay that could raise up to £1bn more for the Treasury is reportedly being drawn up for John Healey’s first budget.The chancellor is said to be preparing to announce that online marketplaces will be made responsible for…
From the source
A tax crackdown on online marketplaces such as Amazon and eBay that could raise up to £1bn more for the Treasury is reportedly being drawn up for John Healey’s first budget. The chancellor is said to be preparing to announce that online marketplaces will be made responsible for collecting tax owed by retailers selling on their platforms. The move would target foreign retailers that have taken advantage of a lack of robust rules and enforcement to avoid paying VAT on their sales, according to the Times. It said Healey was expected to announce that these changes would be used to fund cuts to business rates for high street shops. Online marketplaces would be made responsible for collecting VAT at source for all retailers on their platform who have an annual turnover of more than £90,000, it was reported. The development comes as pressure continues to grow on Andy Burnham and Healey to provide relief to struggling small businesses on the high street before the budget on 28 October.…