Article preview: The so-called sharing economy has become a staple of modern life in Britain. Businesses including Uber, Airbnb and Taskrabbit have grown rapidly due to their convenience and flexibility. However, the UK tax system has not kept pace with these business innovations, and that could be set to change. The Treasury is now consulting on tougher tax rules for the sharing economy, following concerns that they might be losing as much as £20 billion in tax revenue from a shift to online activity.
Tougher taxes for the sharing economy
This 393-word blog post explains a Treasury call for evidence which could lead to a wider application of VAT for services in the sharing economy, including Uber and Airbnb. Written on 10th December 2020.
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