VAT Agenda

Mechanised cash bingo

HMRC have issued a new Business Brief 40/09 and are inviting claims from taxpayers who have overpaid output tax on what should now be treated as an exempt supply. However, HMRC point out that further bingo duty may be due. With regard to slot machines the High Court has yet to issues its judgment.

Read the full story

Cross Border VAT changes 2010

Firstly the changes come into effect from 01 January 2010. Further changes come into effect in 2011, 2013 and 2015.

Read the full story

Customs Duty and Import VAT Reliefs for Charities

Many charities import goods into the UK and can pay a significant amount of Customs Duty, which is a sticking cost, and import VAT that cannot be recovered if the goods are used by the charity in generating exempt or non-business income.

Read the full story

Reverse Charge

Normally the supplier of the service is the person who must account, to the tax authorities, for any VAT due on the supply. With effect from 01 January 2010 it is the customer who must account for the VAT due on intra-EC taxable supplies. Although called reverse charge, the procedure may also be referred to as tax shift. Where it applies to services you receive, you, the customer must act as if you are both the supplier and the recipient of the services.

Read the full story

The new EC Sales Lists

From 01 January 2010 businesses will have to provide EC Sales Lists for taxable supplies of services as well as goods, to which the reverse charge applies.

Read the full story

Forthcoming changes to the VAT rate

A number of guidance documents have been released by HMRC’s website in anticipation of the standard rate reverting to 17.5% on 01 January 2010. The documents include a “Detailed guide for VAT registered businesses” and guidance on the application of the “anti-forestalling” legislation. All businesses should consider the impact of the increase in the standard rate to them and how best to deal with it, and should take the necessary preparatory steps as soon as possible.

Read the full story

Senior Accounting Officer (SAO) requirements

HMRC has now published the final guidance, following recent consultations and an Open Day held in July. This guidance explains the duties of the SAO of qualifying companies liable to taxes and duties in the UK, in ensuring that they establish, maintain and certify appropriate tax accounting arrangements as required by Schedule 46 Finance Act 2009.

Read the full story

e-filing of VAT returns from April 2010

All VAT registered businesses will be expected to file their VAT returns electronically from April 2010. The sooner businesses are registered on the Government Gateway the better it will be for the smooth declarations of VAT. Don’t wait until April!

Read the full story

The VAT rate changes to 17.5%

HMRC have issued a Press Release and Revenue and Customs Brief 68/09 announcing that retail businesses trading overnight on 31 December 2009 will be permitted to continue to account for VAT at 15% until the earlier of 6.00am and the close of trading.

Read the full story

Trading subsidiaries of Universities

HMRC have revised its policy on the VAT status of University trading subsidiaries.

The Policy changes are made with immediate effect and means that Universities will have to treat their subsidiaries as eligible bodies rather than taxable trading companies. There is a brief transitional period which ends on 31 July 2010.

Read the full story
« Page 1 ... 3, 4, 5, 6, »

Internet Marketing by 2buy1click Ltd