Platform Tax Reporting

BobRachet

booneruk said:

BobRachet said:

booneruk said:

BobRachet said:

For people who are concerned about the new law that will mean online platforms will be reporting sales data to HMRC there is now an official petition.

https://petition.parliament.uk/petitions/654278

What makes something an 'official petition'?

Not signing that. Anyone who understands exactly what this new requirement on platforms is and opposes it is supporting a bit of the good ol' tax evasion (and I wonder how they feel about that subject when discussing it regarding 'rich people' with their mates in the pub). 

If platforms enable activity that generates taxable income and they're being exploited (they are) then I'm all behind these changes. That the UK is not alone in implementing this is a good thing - I wish more international agreements could be made regarding tax havens and the like also.

It is official as it the government has accepted it as a valid petition and it will be discussed in parliament if it gets enough signatures. HMRC already has powers to catch people not reporting their income from platforms, if you read this thread I'm sure things will become clearer for you.

From the petition site's homepage: "Anyone can start a petition as long as they are a British citizen or UK resident". If I start a position declaring I should be gifted millions it's not official.

oh, I've read the thread thanks, and I don't see a problem with the new obligations on platforms at all 

They don't just accept any old submission, an unofficial petition would be a petition not allowed by the government. Sorry if that word bothers you I didn't give it much thought.

BobRachet

booneruk said:

BobRachet said:

booneruk said:

BobRachet said:

For people who are concerned about the new law that will mean online platforms will be reporting sales data to HMRC there is now an official petition.

https://petition.parliament.uk/petitions/654278

What makes something an 'official petition'?

Not signing that. Anyone who understands exactly what this new requirement on platforms is and opposes it is supporting a bit of the good ol' tax evasion (and I wonder how they feel about that subject when discussing it regarding 'rich people' with their mates in the pub). 

If platforms enable activity that generates taxable income and they're being exploited (they are) then I'm all behind these changes. That the UK is not alone in implementing this is a good thing - I wish more international agreements could be made regarding tax havens and the like also.

It is official as it the government has accepted it as a valid petition and it will be discussed in parliament if it gets enough signatures. HMRC already has powers to catch people not reporting their income from platforms, if you read this thread I'm sure things will become clearer for you.

From the petition site's homepage: "Anyone can start a petition as long as they are a British citizen or UK resident". If I start a position declaring I should be gifted millions it's not official.

oh, I've read the thread thanks, and I don't see a problem with the new obligations on platforms at all 

So if you read the thread why did you come in arguing about issues that are not present at all in this thread?

eskbanker

BobRachet said:

Considering HMRC already have powers to get income data from any platform they want, on an ad hoc basis, the actual problem can be tackled in a sensible way that isn't full of security and operational holes. This new way of doing things seems all clever and futuristic because it all happens automagically, but that is just wishful thinking.

I don't believe it will all happen 'automagically' - apart from anything else, the new reporting obligations require platforms to notify sales by individual broken down by calendar quarter across a calendar year, which means that such data can't be reconciled with income over a tax year, and therefore can't be fed directly into any individual's tax liability calculation.

Moving the process on from ad hoc requests to regular routine reporting seems logical in the context of an ongoing trend to have organisations (employers, financial institutions, etc) submit electronic returns in this way, even though it'll obviously be unpopular for many, especially smaller players....

BobRachet

eskbanker said:

BobRachet said:

Considering HMRC already have powers to get income data from any platform they want, on an ad hoc basis, the actual problem can be tackled in a sensible way that isn't full of security and operational holes. This new way of doing things seems all clever and futuristic because it all happens automagically, but that is just wishful thinking.

I don't believe it will all happen 'automagically' - apart from anything else, the new reporting obligations require platforms to notify sales by individual broken down by calendar quarter across a calendar year, which means that such data can't be reconciled with income over a tax year, and therefore can't be fed directly into any individual's tax liability calculation.

Moving the process on from ad hoc requests to regular routine reporting seems logical in the context of an ongoing trend to have organisations (employers, financial institutions, etc) submit electronic returns in this way, even though it'll obviously be unpopular for many, especially smaller players....

That is a good point about the calendar year an tax year, which begs the question as to what HMRC are doing with this information? Are they going to be trying to make a best guess from the calendar year information about the tax year? There is clearly going to be some kind of comparison between tax returns and this data. Maybe this is just another weak spot tin the system.

BobRachet

Actually here is your answer https://en.wikipedia.org/wiki/Fiscal_year

Because HMRC will be sharing the data with other OECD countries the reporting is done by calendar year because most other countries in the OECD have a Jan - Dec fiscal year.

So god knows how HMRC are going to be checking this information with our Apr - Mar fiscal year. Seems kind of diabolical.