UK - Online Marketplace Signatories
Further to a previous article we can bring you news that three online marketplaces have so far signed up to HMRC’s VAT compliance agreement since it launched its campaign in April - Amazon, eBay and Frugoo.
While this could be construed as disappointing HMRC are encouraged by three of the biggest players signing up. A spokesperson stated that “we welcome the commitment from those who have signed the agreement and encourage others to do the same” while also commenting that HMRC are “in talks with lots of online marketplaces.”
The overriding aim of the HMRC agreement document is online marketplaces exchanging certain information about their sellers in the interests of promoting VAT compliance. Commitments made under the agreement are voluntary and do not create binding legal obligations. The announcement of the three marketplaces follows the stated HMRC intention to publish a list of all signatories. The full text of the agreement can be viewed here.
Should you require any VAT assistance in the UK, or require any international VAT assistance, please contact us.