{"id":11129,"date":"2023-12-05T08:28:50","date_gmt":"2023-12-05T08:28:50","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/asos-faces-battle-with-suppliers-over-90m-vat-bill\/"},"modified":"2023-12-05T08:28:50","modified_gmt":"2023-12-05T08:28:50","slug":"asos-faces-battle-with-suppliers-over-90m-vat-bill","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/asos-faces-battle-with-suppliers-over-90m-vat-bill\/","title":{"rendered":"Asos faces battle with suppliers over \u00a390m VAT bill"},"content":{"rendered":"<p> <p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/>\n<\/p>\n<div id=\"post-150384\">\n<div class=\"td-post-content tagdiv-type\">\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" class=\"entry-thumb\" src=\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/11\/RG-image-6.png\" srcset=\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/11\/RG-image-6.png 600w, https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/11\/RG-image-6-300x200.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" alt=\"Asos\" title=\"Asos\"\/><\/div>\n<p>Asos\u00a0suppliers are preparing to battle the struggling fast-fashion retailer over a near \u00a3100m VAT bill.<\/p>\n<p>The retailer said in its annual report that its\u00a0suppliers have \u201chistorically charged VAT on services which should possible have been charged without VAT\u201d.<\/p>\n<p>If Asos is found to have overclaimed on the tax, the retailer could be forced to repay the \u00a390m to an unnamed overseas tax authority and reclaim the amount from its suppliers.<\/p>\n<hr\/>\n<h5 style=\"text-align: center;\"><strong>Subscribe to Retail Gazette for free<\/strong><\/h5>\n<p style=\"text-align: center;\"><span class=\"x_al\">Sign up\u00a0here\u00a0to g<\/span><span class=\"x_al\">et the latest news straight into your inbox each morning<\/span><strong><span class=\"al\">\u00a0<\/span><\/strong><\/p>\n<hr\/>\n<p>The retailer said another solution could be to reach multi-party, non-cash agreements between the tax authority, the suppliers and itself.<\/p>\n<p class=\"an\">However, it was unclear whether the 20% fee should or should not have been charged and was waiting for confirmation from the relevant tax authority.<\/p>\n<p class=\"an\">Asos said that in either scenario the tax authority concerned had not suffered a loss of tax revenue as amounts claimed by the business had been \u201cmatched by payments made by suppliers\u201d.<\/p>\n<p>It is the latest blow to Asos\u2019 supplier relationships after its credit insurers Allianz Trade and Atradius pulled back their cover amid concerns over the retailer\u2019s finances.<\/p>\n<p>The business plunged to a pre-tax loss of \u00a3296.7m in its year to 3 September, widening sharply from last year\u2019s \u00a331.9m loss<\/p>\n<p><em><strong>Click here to sign up to Retail Gazette\u2018s free daily email newsletter<\/strong><\/em><\/p>\n<\/p><\/div>\n<footer>\n<\/footer>\n<\/div>\n<p><p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asos\u00a0suppliers are preparing to battle the struggling fast-fashion retailer over a near \u00a3100m VAT bill. The retailer said in its annual report that its\u00a0suppliers have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazines"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=11129"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/11130"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=11129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=11129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=11129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}