The growing tax challenges for social media influencers

The growing tax challenges for social media influencers

When new ways of making money become popular, HMRC are always keen to ensure taxpayers are aware of their obligations – the treatment of cryptocurrency assets being a relatively recent example – though the Department is often playing catch-up to innovation. In this...
Influencers subject to tax on non-cash gifts

Influencers subject to tax on non-cash gifts

There is currently no legislation specifically targeted at social media influencers, however the fast-growing industry is very much on HMRC’s radar. Earlier this year HMRC sent nudge letters to thousands of influencers as well as gamers and online traders on...
VAT on land and buildings

VAT on land and buildings

When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value. Most older commercial buildings will be exempt from VAT but...
Sales till manipulation

Sales till manipulation

The traditional way to hide sales from HMRC is to take payment in cash and not put it through the books. Nowadays technology helps dishonest traders to hide sales by using electronic sales suppression (ESS) software. The sale is not recorded on the normal till record...
VAT portal to close

VAT portal to close

As we know, all VAT registered businesses are now required to file VAT returns using MTD-compatible software and keep VAT records in a digital format. This applies from the start of the first VAT period for newly registered businesses. Previously, we would submit VAT...