OnlyFans could be hit with bill for more than three years’ worth of unpaid taxes | Science & Tech News

OnlyFans, a content subscription service popular with amateur pornographic models, could face a VAT bill covering more than three years’ worth of uncollected taxes, Sky News has learnt.

The service, which has spiked in popularity during the coronavirus lockdown, functions like a social media platform where fans pay a monthly subscription fee to access content creators’ protected posts.

Last week, for the first time since it began operating in 2016, the service started charging VAT on fans’ monthly subscriptions following discussions with Her Majesty’s Revenue and Customs (HMRC).

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HMRC is currently reviewing OnlyFans’ tax arrangements

Sky News understands HMRC is currently reviewing whether the company should have been collecting VAT since its inception.

HMRC could issue the business with a penalty doubling the amount of tax owed if it assesses OnlyFans was careless or deliberately inaccurate with its returns.

The company stated the review of its tax status was

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US sanctions ‘likely’ to hit Huawei’s 5G position in UK, says minister

US sanctions targeting Huawei are “likely” to hit the Chinese telecoms equipment maker’s ability to supply 5G mobile phone networks in the UK, culture secretary Oliver Dowden said on Tuesday.

The statement by Mr Dowden comes as the British government is weighing whether to reverse its January decision to allow Huawei a limited role as a supplier of 5G networks.

Boris Johnson appeared to pave the way for a U-turn on Huawei on Tuesday after pressure from rebel Conservative MPs and the US government to drop the company amid claims it gives Beijing a means to spy on UK communications.

“I am not a Sinophobe, I won’t be drawn into Sinophobia,” the prime minister told reporters. “But we need to strike a balance to protect critical infrastructure from hostile vendors.”

The government moved to reopen its decision to give Huawei a role in providing 5G networks after the US in

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Wirecard scandal: Pre-payment cards could be hit as e-money firm’s assets frozen | Business News

British holders of some pre-payment cards could find they no longer work after a regulator froze the UK assets and activities of a scandal-hit e-money firm.

Customers affected are being advised to contact Wirecard or their card provider directly, while those who receive their benefits through the system are being referred to the Department of Work and Pensions (DWP) for support.

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The UK watchdog says it has moved to ‘protect the interests and money” of Wirecard customers

The Financial Conduct Authority moved to impose restrictions against Wirecard after the collapse of its German parent company, which is now the focus of a major fraud investigation.

The UK watchdog said the move was taken to “protect the interests and money of consumers who use Wirecard”.

There is no indication of how many people may be affected.

Wirecard’s failure owing creditors almost £3.2bn, is shaping up to be one of Germany’s

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Unite warns of income hit from rising unemployment

Unite the Union has warned of a looming hit to its finances as members are caught in a wave of “huge redundancies” across the British economy.

The sprawling super-union, which represents close to a million workers, has warned in a memo to staff from general secretary Len McCluskey of “significant financial strain” because of its dependence on membership fees.

Bank of England forecasts suggest UK unemployment will approach 10 per cent this year with some sectors — such as aviation and tourism — facing particularly acute job losses amid the worst economic downturn in decades.

Mr McCluskey urged colleagues to seek a new “union continuity payment” during negotiations with employers, requiring companies to pay union fees for two years to workers who are laid off.

The hope was redundancies could be minimised through negotiation, he said, but if this was impossible a UCP should be requested.

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