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British Marine Federation Issues Tax Compliance Warning

by Jason Gorringe, Tax-News.com, London

27 November 2014


The British Marine Federation has issued a warning that the UK tax authority, HM Revenue and Customs, can now access information from UK merchant acquirers – the companies that process card payment transactions – to find out the number and value of transactions completed by a specific trader engaged in the maritime industry.

HMRC is to use this information to track down businesses that have not registered to pay tax, are not declaring all their income, or are operating over the value-added tax threshold without being registered.

The legislation, under the Finance Act 2013, allows HMRC to obtain data on card payments to all UK businesses for the previous four years. HMRC is to analyze this data and cross-reference and compare the data with what it already holds.

The authority is to soon run a campaign to make businesses aware of their obligations and to allow businesses to get their affairs in order, the BMF said.

TAGS: Finance | tax | business | marine | United Kingdom | tax authority | legislation | trade

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