VAT Blog
Latest news, thoughts and articles from the world of VAT.
Nature of VAT
Q: What are the main differences between VAT and GST ? A: I’m not sure that I can give you a detailed reply to your question as I am not an expert on GST and can only comment on what I understand to be the main differences. Also we have to be a bit careful about...
VAT on Sales
Q: We have just set up a new company. We have ticket sales (for an event) of 15,000GBP (gross). How much VAT will be payable to HMRC at 15% VAT? A: Hi I’m assuming that the company is registered for VAT and that the event is a taxable event. There are some exemptions...
Change to Intrastat Thresholds
HMRC have published a Revenue & Customs Brief here http://www.hmrc.gov.uk/briefs/brief6108.htm confirming the new Intrastat Thresholds that come into effect on 1 January 2009. The new exemption threshold for Intrastat is £270,000 and the delivery terms threshold...
Place of Supply Consultation Document
HMRC have published a consultation document on the proposed changes to the place of supply rules here...
Loyalty schemes: HMRC Guidance about the treatment of payments from scheme operators
In my recent blog here https://vatexchange.co.uk/blog-how-to-avoid-a-vat-assessment, I had a bit of a rant about the importance of businesses understanding their own business transactions and being able to explain them to HMRC, if they don’t want to end up with VAT...
How to avoid a VAT assessment!
In order to be able to establish the correct VAT treatment of business transactions, you need to understand the legal and accounting issues involved AND explain them properly to the VAT officer. I’m not talking about routine sales or purchases, but one off or...
When is a penalty liable to VAT?
HMRC have issued a new Revenue & Customs Brief here http://www.hmrc.gov.uk/briefs/vat/brief5708.htmb which sets out their revised position on the treatment of excess car parking charges for off-street car parking. In the past, HMRC took the view that excess...
Additional REsources
A Few Other Resources We’ve Created for Our Customers
Newsletter: Solar panels, holiday homes, mobile devices for the blind
Hi there This past week has felt very surreal and most of us are probably feeling somewhat unsettled by the result of the Referendum. So it's quite a relief to get back to some more routine stuff in the June newsletter. Of course leaving the EU does have implications...
Back to business: VAT as usual
I suspect that most of us are still in a state of shock after the Referendum. But while the politicians sort out our political and international future, for most of us, it's back to business as usual this week. This is probably a good thing. Routine - even doing...
The Referendum and making your vote matter…
After the shocking events in Birstall, West Yorkshire, last Thursday, the thought of voting in this week's Referendum almost seems irrelevant. That the life of such a gifted individual could be taken so quickly and in such an horrific way is one of those...