Guernsey closes shop on VAT loophole
Channel Island joins Jersey in giving UK retailers the boot
Channel Island joins Jersey in giving UK retailers the boot
Guernsey has followed its neighbour Jersey by blocking attempts by British
retailers to exploit a tax loophole to sell CDs and DVDs free of VAT following a
ruling in the European Court of Justice against UK optician and eyewear retailer
Dollond & Aitchison earlier this week.
Yesterday, Guernsey ruled that UK retailers would not be allowed to set up
distribution bases on the Channel Island. The decision was taken to protect its
“reputation and integrity”, the FT reported.
Jersey is the main distribution base for UK retailers that make use of a
controversial tax relief allowing VAT-free imports of goods valued under £18.
They now have a year to find a new base.
The tax break is now available only for exports from non-European Union
countries
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article