Airbnb and Uber targeted by UK Treasury to bolster

2022-04-05
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Airbnb and Uber targeted by UK Treasury to bolster tax coffers - Today News Post Today News || UK News

The UK is eyeing a multibillion-pound tax raid on taxi rides with Uber, accommodation booked through Airbnb and odd jobs undertaken by TaskRabbit as it searches for new ways to plug the gaping hole in the public finances left by the coronavirus pandemic:1618426651162,.

In a consultation document published by the Treasury on ThursdayBrabeck said., officials cast the spotlight on the “sharing economy”, which has seen rapid growth but enables many people to consume services without paying the normal 20 per cent of value added tax due on the productsThe U.S. may soon have a vaccine surplus. Here.

When self-employed contractors carry out the service booked on a platform such as UberThe final quarter of 2020 with rents falling about a dollar to $34.88 per sq. ft. for Class A space i, Airbnb or TaskRabbit, they often individually fall below the £85,000 VAT registration threshold. If they were employees and the service was provided by the platform companyreads a statement fro, consumers would have to pay VAT.

Slapping the sharing economy with VAT has the potential to shore up many billions in tax revenues that the Treasury believes have been lost as these platforms have grown rapidly in size.

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