Another busy week!
With the Chancellor’s autumn statement this week, it’s going to be particularly busy for businesses. And with 1 January almost here, any businesses involved with EC trade MUST ensure that they have updated their systems to be compliant for leaving the EC, both under UK rules and EC rules.
Recent Revenue & Customs Briefs about VAT issues
R&C Brief 16/20 explains the ruling about the VAT liability of payroll services for the disabled. Unfortunately, this supported HMRC’ viewpoint so businesses who have not charged VAT in the past may have to pay underdeclared VAT.
R&C Briefs 17/20 and 18/20 concern cases about the VAT exemption of sonography services and certain school holiday clubs qualify for VAT exemption. Businesses may be entitled to claim for overpaid VAT in the past. However, remember that claims for overpaid VAT on sales can only be made if the businesses repay any overcharged VAT to their customers.
See the Briefs on HMRC’s website https://tinyurl.com/y3sb4zny
Finally, I’m pleased to announce another new podcast where I explain the basic rules that allow businesses to claim VAT on costs and introduce the subject of partial exemption https://tinyurl.com/y3at6zj3
Don’t forget to email me firstname.lastname@example.org or call 07955 706228 if you need help with any VAT issues. I hope you and your families and loved ones stay safe from COVID.