The CIOT has published its response to the Treasury call for evidence on VAT and the sharing economy which closed on 3 March 2021. In summary, the CIOT response proposes:
a working group should be set up to include representatives from the relevant governmental departments and stakeholders from industry, practice, and representative bodies, to ensure regular engagement throughout the consultation process;
any changes to the VAT rules designed to protect revenue should be carefully directed to ensure they target intended taxpayers rather than creating unintended consequences for businesses which are already compliant; and
a review of the agency and principal guidance published on gov.uk should be undertaken to provide certainty and clarity for taxpayers.
The CIOT has published its response to the Treasury call for evidence on VAT and the sharing economy which closed on 3 March 2021. In summary, the CIOT response proposes:
a working group should be set up to include representatives from the relevant governmental departments and stakeholders from industry, practice, and representative bodies, to ensure regular engagement throughout the consultation process;
any changes to the VAT rules designed to protect revenue should be carefully directed to ensure they target intended taxpayers rather than creating unintended consequences for businesses which are already compliant; and
a review of the agency and principal guidance published on gov.uk should be undertaken to provide certainty and clarity for taxpayers.
