On 22 July 2015, HMRC opened a consultation on proposals to extend its data-gathering powers beyond merchant acquirers to electronic payment providers and business intermediaries. This extension will help identify traders who are either not registered for tax or are under-declaring income.
What this means for you
HMRC’s data-gathering powers are designed to enable the collection of data to identify and address non-compliance. The consultation seeks responses on the best way to implement the extended powers to obtain the necessary information whilst minimising any costs for businesses to comply with the new requirements. Comments are welcomed by 14 October 2015.