VAT

Tax / MEPs plan clampdown on online platforms to close €5bn VAT gap

European lawmakers are set to tighten rules for large online platforms such as Amazon and eBay to recover billions in lost VAT from sales through their sites

Tax / UK taxes highest since 1950s

Taxes are high by historical standards accounting for over a third of GDP at 34.4%, increasing almost 7% from the 1950s

Tax / Missing trader VAT fraud and input tax recovery

Croner-i tax writer Sarah Kay looks at cases of carousel fraud and what HMRC can do to clamp down on the issue of VAT evasion on goods, by either disallowing input tax recovery or enforcing the domestic reverse charge

Tax / EU plans overhaul of cross-border VAT rules

The EU is set to tighten VAT rules to improve fraud detection in cross-border e-commerce transactions and simplify requirements for SMEs

Tax / HMRC sets out tax treatment of cryptoassets for business

HMRC has issued its first detailed guidance on the tax treatment of cryptoasset transactions specifically clarifying the rules for transactions at businesses and companies

Tax / Goals Soccer Centre accounting loss balloons to £40m

Troubled Goals Soccer Centre, which de-listed from AIM earlier this year following the discovery of irregularities in its accounts, has now admitted the profits of the business may have been overstated by as much as £40m since 2009

Tax / VAT updates: November 2019

In this month’s VAT updates, Graham Elliott, director at City & Cambridge Consultancy, considers whether direct patient contact is necessary for medical services, how waiting for a single document lost a self-builder’s tax claim, and whether a husband and wife’s businesses were one or two businesses

Tax / HMRC gives limited MTD ‘digital links’ extension

HMRC has extended the Making Tax Digital (MTD) for VAT compliance date for businesses judged to have complex or legacy IT systems and they will be given extra time to meet the requirement to maintain digital links as part of the new filing regime

Tax / VAT Q&A: financial intermediaries and VAT exemptions

In our regular Q&A series, Croner Taxwise VAT advisor Priyesh Mistry explains how financial intermediaries can treat supplies as VAT exempt

Tax / HMRC has no figures on cost of post-Brexit customs procedures

In a session before the Treasury Committee, HMRC chief told MPs that it had not calculated the administrative cost of the government’s Brexit deal on exporting businesses and that several thousand high value exporters were not even ready for a no-deal Brexit

Tax / Zero-rated building alterations in private residence of disabled person

When a room in a house is converted for a specific use by a disabled person complex VAT rules apply. HMRC has revised VAT Notice 701/7 to provide clarity on how to interpret the VAT charges. Angela Bedi, Croner-i tax specialist, explains

Tax / Isle of Man cleared over private jet VAT avoidance

There is no evidence of aircraft VAT avoidance in the Isle of Man but further compliance checks should be implemented, according to a Treasury review investigating allegations made in the Panama Papers

Tax / HMRC enrols traders for ‘no deal’ simplified imports

HMRC has ramped up its planning to minimise potential post-Brexit disruption to trade, by automatically registering 95,000 businesses for its simplified import procedures which will be put in place should the UK leave the EU without an agreement at the end of the month 

Tax / Church wins appeal on zero VAT rating for annex

A church in Bournemouth has won its appeal that its newly built annex to its main building should be zero-rated for VAT, after a First Tier Tribunal (FTT) found HMRC’s decision to seek VAT payments was based on largely out of date plans for the development

Tax / MHA Macintyre Hudson snaps up specialist VAT practice

Top 20 accountancy firm MHA MacIntyre Hudson has strengthened its VAT and travel teams with the acquisition of Martin Pooley’s accountancy practice, based in Norwich
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