Tax / HMRC and BEIS extend post Brexit guidance for SMEs

The Department for Business, Energy and Industrial Strategy (BEIS) has published a leaflet for SMEs, outlining changes that may affect the business when the UK leaves the EU, with advice on actions to take and sources of support

Tax / Making Tax Digital for VAT registration takes seven working days

HMRC has warned that the registration process for Making Tax Digital for VAT, due to come into effect from 1 April, will take seven days to complete, and will not be a real time service

Tax / Tribunal pulls up claim for DIY VAT relief on electric blinds

A taxpayer seeking to reclaim around £2,300 under the DIY house-builders scheme for fitting electric blinds to an eco-building has had his claim denied at a First Tier Tribunal (FTT), on the grounds that these were not items which are ordinarily incorporated into buildings of this kind

Tax / Perfect VAT storm is coming, that’s a certainty post-Brexit

Ongoing Brexit negotiations continue to generate uncertainty, but what is clear is that UK businesses are heading towards a perfect VAT storm when Making Tax Digital and Brexit VAT changes collide, warns Ian Carpenter, partner and head of indirect tax at RSM

Tax / Making Tax Digital – less than 15 working days away

The introduction of Making Tax Digital for VAT will transform the way VAT is reported with a requirement to use digital records, but there is some respite as the first filing date is no earlier than 1 July and there is a soft-landing penalty regime in year one. Emma Chesson, head of online at Kreston Reeves, explains how to get started

Tax / VAT Q&A: online traders selling to Germany using Amazon

In our regular VAT Q&A series, Croner Taxwise senior VAT consultant Hilary Budd considers whether online retailers using online marketplaces, eg, Amazon and eBay, to sell their goods must register for VAT in Germany if they want to continue selling to German customers  

Tax / HMRC sets out exemption process for Making Tax Digital for VAT

HMRC has issued updated guidance outlining the situations in which businesses and individuals can receive exemption from Making Tax Digital, although Low Incomes Tax Reform Group (LITRG) is warning that VAT registered individuals and businesses have little time to apply for an exemption

Tax / HMRC sets out rules for postponed VAT accounting if no deal Brexit

With weeks until Brexit, HMRC has finally issued guidance for importers and exporters on how a postponed VAT accounting system would work in the event of no deal scendario to prevent businesses having to immediately pay UK VAT on imports from the EU

Tax / Unexpected VAT consequences of devolved status

Sarah Kay, tax writer at Croner-i, considers an Upper Tribunal case where care services where taxable in England but exempt in Scotland and Northern Ireland due to different VAT rules and a variance in statutory regulation

Tax / Nunn: HMRC caves on copy and paste for MTD year one

HMRC’s decision to allow companies a soft landing without penalties for Making Tax Digital for VAT is welcome but there is still much confusion about the software requirements for companies, says Yvette Nunn CTA, owner partner at Berkeley Associates

Tax / VAT Q&A: beneficial quirks of cash accounting

In this week’s Q&A Vivienne Scott, senior VAT consultant at Croner Taxwise, raises awareness of some beneficial rules of the cash accounting scheme

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

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

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

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