VAT

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Tax | Editor’s comment: 25 days and counting

The deadlines for Brexit and the overhaul of VAT reporting under Making Tax Digital are uncomfortably close, while the risk of reverting overnight on 29 March to third country status for exports and audits, are just some of the bigger unknowns for business, tax advisers and accountants, says Sara White, editor of Accountancy Daily

4 Mar 2019

Making Tax Digital

Law and Regulation

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Tax | Changes to VAT treatment of PCP contracts

HMRC is highlighting changes to the VAT treatment of personal contract purchases (PCP) and similar contracts, which were previously viewed as supplies of goods and a separate supply of credit, but which in some instances are now considered to be a single supply of taxable leasing services

4 Mar 2019

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Tax | Increased VAT recovery for financial services exports in no deal Brexit

In the event of a no deal Brexit, the government has said it has planned changes to the UK VAT legislation to allow companies to reclaim VAT on supplies of certain financial services made to the EU

4 Mar 2019

Accountancy Firms

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Tax | VAT updates: March 2019

In this month’s roundup of significant VAT cases, Graham Elliott CTA (Fellow), VAT specialist at Cambridge Consultancy, analyses fragmentation and VAT registration in Darren Vaughan, deemed taxable supply under schedule 10 in Balhousie and flat rate in Apex Vehicle Management

1 Mar 2019

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Tax | 1.17m businesses still to sign up to Making Tax Digital

With only one month to go, there are still 1.17m businesses, out of a total of 1.2m, which are yet to sign up to Making Tax Digital for VAT, although HMRC says 2,000 business are now signing up each day

1 Mar 2019

Making Tax Digital

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Tax | Notts County football club facing HMRC winding up petition

Notts County football club, currently languishing at the bottom of League Two, has revealed the club has been issued with a winding up petition from HMRC over unpaid tax

28 Feb 2019

Called to Account

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Tax | Brexit VAT expenses reclaim deadline looms

UK businesses should ensure they claim the local VAT incurred in the EU by their staff on expenses spending before the March deadline for quitting the EU, or they could face having to deal with the delays and costs of dealing with countries individually, in the event of a ‘no deal’ withdrawal, CIOT is advising

21 Feb 2019

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Tax | Post-Brexit VAT: refunds and MOSS compliance issues

George Bull, senior tax partner and Andy Ilsley, VAT director at RSM assess the latest no deal Brexit VAT guidance from HMRC and warns companies to act now to avoid missing VAT refunds and review MOSS compliance

21 Feb 2019

Accountancy Firms

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Tax | July deadline for first MTD for VAT filing for complete quarter

Companies will not have to file their first digital VAT return under Making Tax Digital for VAT until 1 July at the earliest, although the digital reporting requirement becomes mandatory in April

20 Feb 2019

Making Tax Digital

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Tax | Only 45% of businesses plan to sign up to Making Tax Digital for VAT before deadline

With six weeks to go to the launch of Making Tax Digital for VAT, HMRC research indicates 81% of VAT mandated businesses are aware of the new requirements and a similar proportion have started to prepare for the changes, although only 45% plan to sign up before the April deadline

20 Feb 2019

Making Tax Digital

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Tax | VAT Q&A: registration for individuals over threshold

In our regular VAT Q&A series, Croner Taxwise advice consultant Janis Kirkham explains how to best register clients for VAT when they have exceeded the £85,000 threshold in 2017-18

19 Feb 2019

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Tax | Businesses not ready for Making Tax Digital VAT deadline

Nearly two thirds of businesses (64%) say that Making Tax Digital is a good idea but that they need more support with their plans ahead of the deadline of 1 April for mandatory digital VAT reporting, and only 12% are confident of their approach, according to research from KPMG

18 Feb 2019

Making Tax Digital

Image for no deal brexit risk uk travel companies over toms vat issue

Tax | No deal Brexit risk to UK travel companies over TOMS VAT issue

Any UK travel-based businesses operating in the EU after 29 March 2019 could see changes to their VAT accounting under the tour operators margin scheme (TOMS)

12 Feb 2019

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Tax | Soft landing for Making Tax Digital for VAT will allow 'cut and paste'

With less than 50 days to go until Making Tax Digital for VAT becomes mandatory for businesses registered for VAT, HMRC has confirmed that companies will be able use a 'cut and paste' approach during the one-year soft landing before companies need to use digital links

11 Feb 2019

Making Tax Digital

Law and Regulation

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Tax | VAT Q&A: sub-letting surplus office premises

In our regular VAT Q&A series, Croner Taxwise adviser Priyesh Mistry considers the VAT treatment of sub-letting surplus space and the option to tax rules

5 Feb 2019

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Tax | VAT updates: February 2019

This month's review of VAT cases and VAT news from Graham Eliiot, director of City & Cambridge Consultancy, including Vacation Rentals VAT exemption, split supplies reverse charge, ‘no show’ payments, claims for non-EU businesses, food and beverages and DIY claims

1 Feb 2019

B&ADTV

Croner Intelligence: created by experts, powered by AI

Q&A: tax on property business profits

Q&A: VAT deregistration and 30-day rule

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