Traders are now facing a £1m tax bill after Customs ruled that sellers must be subjected to a 17.5% VAT charge.
Customs argued in a letter, in response to an inquiry from a North London Shop owner: ‘It is evident from various magic mushroom websites that you do not use it based on the amount required in a recipe, you use amounts based on what sort or “trip” you want.’
It is estimated that there are between 200 and 300 magic mushroom sellers in the UK, and many more trading online, the Belfast Telegraph reported.
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year