HMRC has published a research report on how digital tech businesses operate and their attitudes towards tax compliance.
The research revealed that tech businesses considered VAT to be their first concern as they concentrate on rapid sales growth. There is a willingness among such businesses to engage with HMRC online, through the use of accounting software, and for payment by direct debit. However, fintech businesses tended to give higher priority to FCA reporting requirements, for which penalties are seen as more severe than for tax compliance failures.
See Understanding digital tech businesses at bit.ly/2L0hYRD.
HMRC has published a research report on how digital tech businesses operate and their attitudes towards tax compliance.
The research revealed that tech businesses considered VAT to be their first concern as they concentrate on rapid sales growth. There is a willingness among such businesses to engage with HMRC online, through the use of accounting software, and for payment by direct debit. However, fintech businesses tended to give higher priority to FCA reporting requirements, for which penalties are seen as more severe than for tax compliance failures.
See Understanding digital tech businesses at bit.ly/2L0hYRD.
