Changes to VAT IT systems if no-deal Brexit
In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems. We have reproduced below
Category: Value Added Tax
Treatment of deposits for VAT purposes
As a general rule, most deposits made by customers serve as advance payments and create a VAT tax point when the deposit is received. It is important that businesses ensure that the VAT element of any
Last chance to get ready for VAT filing changes 1 April 2019
The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT
Correcting errors on VAT returns
Where an error on a VAT return is discovered, VAT registered businesses have a duty to correct the error as soon as possible. As a general rule, you can use a current VAT return to make an
Claim EU VAT refunds before Brexit
The VAT paid in other EU countries is often recoverable by VAT- registered businesses in the UK, who bought goods or services for business use. The exact rules that govern the amount of VAT refundable
Joint ventures and VAT
A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their own separate identities. The parties to the joint venture usually bring together different
Charities – reducing input VAT
Charities pay VAT on all standard-rated goods and services they buy from VAT-registered businesses. They pay VAT at a reduced rate (5%) or the ‘zero rate’ on some goods and services. Charities pays
Changes to a building after the VAT option to tax
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent
VAT notes – new edition published
HMRC has published what appears to be the final online quarterly edition of VAT notes which includes a summary of recent changes to the VAT rules. HRMC has confirmed that from January 2019 'VAT Notes'
VAT on property service charges
A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra Statutory Concession (ESC)