Disclosure: Internet companies Face UK Tax Crackdown

Uploaded on 2015-08-04 in NEWS-Cybersecurity News, FREE TO VIEW, BUSINESS-Services-Financial

Internet companies may have to provide more information on people and businesses that sell goods and services online, in a crackdown on tax evasion.

HM Revenue & Customs wants to target businesses that have failed to register for tax, and individuals who fail to declare the money they make online. It said this "hidden economy" could equate to £5.9bn a year in tax.

HMRC has launched a consultation on extending its powers to collect extra data from firms and individuals. No specific firms have been named, but sellers on Internet marketplaces such as online advert site Gumtree, holiday home rental site Airbnb and e-commerce giant eBay could be among those targeted.

In the consultation document published online, HMRC said data played a key role in enabling it to detect those not paying tax. Existing laws allow HMRC to access certain data but it wants to broaden its scope.

The document said the extended powers would affect businesses acting as intermediaries or providing electronic payment services. HMRC stressed it would not target individuals who sold personal possessions, only businesses that failed to pay tax owed. It said it would not seek to find out what people bought online, but rather what was sold and not declared.

It said those who were tax compliant "should see little or no impact".
The 12-week consultation runs until 14 October.
BBC: http://bbc.in/1D1ci1O

« Darkcode Hacking Forum Forced Offline

Identity Access Management: Lessons From JPMorgan’s Insider Breaches »

Infosecurity Europe

CyberSecurity Jobsite

Perimeter 81

Real Attacks. Real Tools. Real Scenarios.
Schedule a demo

Sign Up: Cyber Security Intelligence Newsletter

Directory of Suppliers

Directory of Cyber Security Suppliers

Our Supplier Directory lists 8,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

Resecurity

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Stormshield

Stormshield is a European leader in digital infrastructure security. We offer smart, connected solutions in order to anticipate attacks and protect digital infrastructures.

High Sec Labs (HSL)

High Sec Labs develops high-quality, cyber-defense solutions in the field of network and peripheral isolation.

National Cyber and Information Security Agency (NUKIB) - Czech Republic

NUKIB is the central Czech government body for cyber security, the protection of classified information in the area of information and communication systems and cryptographic protection.

Procsima Group

Procsima Group was created to help you achieve good IT management and security excellence.

Proton Data Security

Proton Data Security is a certified small business specializing in the design, manufacturing and sales of data security products for permanent erasure of hard drives, tapes and optical media.

BI.ZONE

BI.ZONE creates high-tech products and solutions to protect IT infrastructures and applications, and provides services from cyber intelligence and proactive defence to cybercrime investigation.

Tugboat Logic

Tugboat Logic was created to address the skills and expertise gap in the security and compliance industry. Our goal is to simplify and automate information security management for every enterprise.

Oxford Internet Institute - University of Oxford

The Oxford Internet Institute is a multidisciplinary research and teaching department of the University of Oxford, dedicated to the social science of the Internet.

NetBlocks

NetBlocks is a global internet monitor working at the intersection of digital rights, cyber-security and internet governance.

Pathway Communications

Established in 1995, Pathway Communications – is part of the Pathway Group of Companies, a Canadian IT Managed Services organization.

Metabase Q

Metabase Q protects you from financial and reputational losses with more efficient and intelligent cybersecurity, using the best worldwide in technologies, processes and specialists.

Exacom

Exacom is a leading provider of multimedia logging/recording solutions across public safety, government, DoD, energy, utilities, transportation, and security applications.

Armata Cyber Security

Armata exists to bring Cyber Security to all people – from home users and SMBs to large enterprises. We believe all users have the right to an affordable yet effective Cyber Security solution.

Proton

Proton provides free encrypted email, calendar, drive, password manager, and VPN services. Building a better Internet.

Centum Digital

Centum Digital provide services, products and solutions specialized in communications engineering, control and signal intelligence.

LMNTRIX

LMNTRIX eliminates the complexity and burden of cyber security for organizations struggling to prepare for, prevent and respond to cyberattacks.