Tax

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…

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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…

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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…

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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,…

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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…

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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…

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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…

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John Lewis Partnership reduces price of period pants

John Lewis and Waitrose have become the latest retailers to back an industry-wide campaign to reduce the price of period knickers by absorbing the 20% VAT charge for its customers to make period products more affordable. While the tampon tax, which taxed sanitary towels and tampons, was abolished in 2021,…

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Tesco becomes first retailer to cover period pant VAT

Tesco has reportedly become the first retailer to cover the cost of VAT on its period pant offering as part of a campaign from retailers to convince the government to class the product under the same category as menstrual products, according to City AM. According to reports, from today (21…

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Amazon UK tax bill rises to £781m

Amazon has reportedly paid £781m of tax in the UK last year despite its main UK division having paid no corporation tax for the second year in a row, according to The Guardian. The outlet revealed that Amazon UK Services, which accounts for over half of the retail giant’s UK…

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