Option to tax notifications
Revenue and Customs Brief 01/23 confirms that HMRC will now only issue an acknowledgement online to nofifications that are submitted online, Nofifications that are submitted any other way – such as postal delivery – will no longer receive an adknowledgement.
Value shifting, management services and dealing with associated businesses
Almost without any doubt, the most common “click thru” subject for this website is that of management services. So much so that I wrote a book about the subject – see the shop for my book “Transactions with associated businesses”. If you put any of these words into the search box, you should also see a number of articles on the subject.
One aspect of this subject is that of valuation and how to calculate the value of such transactions. HMRC is very viigilant on this subject and have will issue assessments if they believe that VAT has been undercharged or overclaimed on such transactions.
They have recently issued the results of a consultation about the subject of value shifting https://tinyurl.com/3mtn35bp. It doesn’t contain anything major,but the changes made to VAT Notice 700 certainly provide additional and helpful directions about their approach to the subject. You need to be aware of this particularly if you are considering any type of transactions with associated businesses.
Marie
July, 2023