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news E-trading and the global marketplace
Global trading has skyrocketed with the invention of the world wide web – creating an international marketplace and moneymaking opportunities for many individuals and small organisations all over the world, writes Naomi Nesbit of Wilkins Kennedy
UK e-traders are the target of the latest HMRC campaign to clamp down on tax evasion. This includes not only large, well- known corporate e-traders but also individuals who may have had an interest or hobby that has, through the success of an e-commerce site, grown into a fruitful online business through a third party trading or auction website.
The HMRC e-marketplaces campaign was launched in June, asking online traders selling goods and services as a trade or as a business who may have not paid the correct amount of tax to contact them by June 14 and complete an e-markets disclosure facility. Disclosure and payment must be completed by September 14, 2012.
Many online sellers across the UK have already received the HMRC e-marketplaces letter. If you are selling a few personal possessions online then you will almost certainly not be required to pay any tax, but if you are selling regularly and selling to make a profit, then you‘ll almost definitely need to register with HMRC for tax purposes.
If you think you may have missed the deadline and are concerned about your tax position then you should contact your local Wilkins Kennedy office to talk through your situation.
Top 21 chartered accountancy firm Wilkins Kennedy LLP works with thousands of companies across the UK and overseas,
touch with businesses in China to set up a business, a joint venture, representative office or a branch, to handle all the registrations and clearances required and also to look after their tax, accounting and VAT needs.
For more about the LinktoChina programme or if you have any tax concerns regarding international or online trading, contact your local Wilkins Kennedy office.
offering professional advice on international exporting and importing, e-trading and international corporate taxation planning, including advice on VAT, transfer pricing and double taxation issues.
Wilkins Kennedy is one of the partners on the British Chambers of Commerce LinkToChina programme, a project designed to benefit UK companies interested in doing business with, or setting up companies in China. The firm uses a recognised ‘match making‘ service to put UK companies in
Details:
Naomi Nesbit Director of corporate tax
naomi.nesbit@
wilkinskennedy.com Reading: 0118-9512131 Guildford: 01483-306318 Egham: 01784-435561 Winchester: 01962-852263 Romsey: 01794-515441
Services: • Audit & Assurance • Business Recovery & Insolvency • Corporate Finance • Tax
Sectors: • Not-for-Profit • Financial Markets • Property & Construction • Public Sector
We aim to make our clients stand out from the others
To see how we can help email
info@wilkinskennedy.com, or contact our regional offices: Amersham, Egham (Heathrow), Guildford, Reading, Romsey & Winchester
Wilkins Kennedy LLP
www.wilkinskennedy.com
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THE BUSINESS MAGAZINE – THAMES VALLEY – JULY/AUGUST 2012 15/06/2012 08:18
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