Tax

Amazon UK pays corporation tax for first time since 2020

Amazon’s main UK division has paid corporation tax for the first time since 2020 following the end of a ‘super-deduction’ tax break, The Guardian has reported.  The group’s UK services paid £18.7m in “current tax” last year on sales of £27bn. This marks a shift from the £7.8m tax credit…

Read More »

Tourist Tax cost retailers £220m in H1, says NWEC

The loss of tax-free shopping cost West End retailers £220m in unrealised sales in the first half of 2024, according to data from the New West End Company (NWEC). NWEC also claimed that the policy change cost West End retailers £400m in 2023. The number of international tourists visiting London…

Read More »

Navigating the tax system: a guide for retailers

Taxes are an inevitable aspect of running a retail business in the UK, shaping financial decisions and operational strategies. Business tax rates, including corporation tax, VAT, and business rates significantly impact the profitability and sustainability of retail businesses. Understanding the nuances of business tax rates is essential for retailers to…

Read More »

How can the physical retail sector win its battle to survive?

It is well known that the high street is battling for survival. Insolvency statistics released this month show a 17% increase in company insolvencies compared to this month last year, with the retail sector particularly badly hit. With the closure of many Body Shop stores already confirmed this year, and…

Read More »

Shein UK breaches company law by failing to disclose PSC

Shein’s UK arm has reportedly failed to disclose its ultimate ownership, breaching company law that could disrupt its reported plans to list in the UK, According to The Guardian.  The publication said it was found that Shein Distribution UK Ltd’s filing with Companies House listed Roadget Business Pte Ltd, which…

Read More »

Budget will ‘do nothing to turbocharge investment’, says BRC

The British Retail Consortium (BRC) has stated that the latest Budget announcement will “do nothing to turbocharge investment and growth in communities”. This comes after Chancellor Jeremy Hunt revealed his Spring Budget without many big giveaways for retail businesses. Hunt resisted calls from business leaders to reduce business rates, reintroduce…

Read More »

What are the effects of VAT taxes on the tourism industry?

The term “tourism tax” has recently been used to refer to taxes imposed on goods and services supplied to international tourists. Up until 31 December 2020, VAT-free shopping enabled international visitors in the UK to get a VAT refund on goods purchased in the UK, making them 20% cheaper.  Recently,…

Read More »

NWEC calls for return to tax-free shopping as tourist spending gap widens

The New West End Company (NWEC) has called for the return of tax-free shopping as the gap between the number of international visitors in London and the spending associated with them widened in the final quarter of last year. According to the latest figures released by NWEC, despite a recovery…

Read More »

Avalara Tax Changes 2024: Be aware of the upcoming compliance issues

Businesses should be alert to important changes to the tax compliance landscape in the year ahead. Avalara Tax Changes 2024 is a comprehensive report covering upcoming compliance issues and challenges from around the world — below is an overview of those most important to e-commerce sellers operating across borders. E-invoicing…

Read More »

Navigating retail taxation: A comprehensive guide

For retailers in the United Kingdom, understanding and managing retail taxation is paramount to maintaining compliance and financial stability. The UK tax system is complex, with various regulations governing sales tax, income tax, and other related obligations. In this feature, we will provide a comprehensive guide for retailers on how…

Read More »