Digital Platforms – it’s time to get ready

Are you an online platform or marketplace that:

  • Sells or delivers goods?
  • Provides personal services?
  • Rents transport?
  • Rents property?

You may be in scope for the new Reporting Rules for Digital Platforms which are expected to come into effect in the UK and EU from 1st January 2023. Now is the time to find out what your new regulatory responsibilities are going to consist of and start preparing for them – and we are here to help. EFI combines regulatory expertise with operational excellence to help you meet your obligations. We can guide you in developing the appropriate processes and provide the technology required to help you comply with ease.

Not sure what’s happening?

The OECD (Model Rules) and the EU (DAC7) have released directives regarding the collection of personal and tax information from companies and self-employed sellers earning income through your platform.  This income information will also need to be reported annually back to local tax authorities, such as HMRC in the UK.

As a result, the UK and the EU Member States are drafting guidance on these rules, which we are monitoring closely. If you are in scope, you will have until the end of 2022 to set up your regulatory framework and new procedures – this is where we can help.

Where to start?

We know that different companies will be in different starting positions for these regulations – if you are not sure where to start, or what to do next, then EFI can help. These new regulations for digital platforms are based on those already in existence for financial institutions, and EFI specialises in this area. By working with EFI you can access:

 

  • Vast experience of delivering regulatory expertise to assist firms in achieving a high standard of compliance
     
  • Industry leading technology solutions which collect and validate the data you will require from sellers
     
  • Reporting technology that can produce and validate your annual reports for the tax authorities
     
  • As much or as little of our end-to-end services that you need: from advice, to implementing new technology, to managed services where we can do the work on your behalf

HMRC issued a formal consultation on the proposed Reporting Rules for Digital Platforms, which closed in October 2021.

View the information HMRC published for consultation.

To read EFI’s submitted response to HMRC, please fill out the form below:

Find out how EFI can support you in meeting your new obligations in an effective and efficient way, leaving you with peace of mind and the freedom to focus on doing what you do best.

GET IN TOUCH WITH EFI NOW