Monthly Archives: December 2020

Hot Business News Today

Treasury eyes hitting self-employed gig workers with VAT charge

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Originally written by Timothy Adler on Small Business
Self-employed Uber drivers, those who make a living renting out rooms on Airbnb, and other gig economy workers could find themselves having to pay VAT.
The Treasury is eyeing slapping VAT on self-employed gig workers and others in the sharing economy, as it tries to claw back cash to pay for the Covid pandemic.
What this means is that Uber fares or Airbnb stays could cost 20 per cent more.
>See also: Treasury to discuss COVID-19 grant for company directors
The Treasury has issued a call for evidence as concern grows that as much as £20bn could be lost as tax revenue as activity shifts online. According to PwC, the total value of the UK sharing economy will be £140bn by 2025 compared with £7bn in 2016.
For example, plumber call-out firm Pimlico Plumbers charges 20 per cent VAT to customers, but a plumber found on Taskrabbit does not because most sole traders fall below the VAT threshold of £85,000 of turnover. Similarly, accounting firms charge VAT to clients on billable hours but a freelance accountant found on Upwork may not.
Although the government has pledged not to raise the rate of VAT under the “triple tax lock”, there

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Hot Business News Today

EORI number: What it is and how to get or check one

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Originally written by Ben Lobel on Small Business
UPDATED: If you’re considering growing your business internationally, or if you have suppliers based overseas, you’ll probably already have heard of an EORI number.
From January 1 2021, businesses based in Great Britain will need an EORI number (starting with GB) to import and export goods to the EU.
If you’re just getting started in importing or exporting, the registration process can seem daunting. Don’t worry though – we’ve got you covered.
Here’s all you need to know about the EORI system, who should register, how to apply, and where to go for more help.
What is an EORI number?
An EORI number – which stands for an Economic Operator Registration and Identification Number – is a unique ID code used to track and register customs information in the EU.
Who needs an EORI number?
You can register for an EORI number as a business or an individual. Any business importing and exporting goods to the EU needs one, though if you only do digital services then you won’t need one.  You also won’t need one if you’re passing goods between Northern Ireland and the Republic of Ireland.
It’s helpful to know that if your company is part of a larger

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