VAT

Tax / HMRC tackles VAT avoidance via offshore looping

HMRC has amended legislation to shut down a VAT avoidance scheme in which financial services exploit current rules using offshore looping

Tax / HMRC clarifies VAT treatment of car dealer deposit contributions

HMRC has published a brief explaining its policy on the VAT accounting treatment of car sales promotions where payments are said to be made by motor dealers to finance companies on behalf of the end customer, amid concerns that dealerships and others are adopting different approaches to these dealer deposit contributions (DDCs)

Tax / Post-Brexit VAT non-alignment to add to consumer costs

An amendment to the Brexit customs paper, passed by a narrow majority in Parliament on Monday, which will see the UK exit the EU VAT regime is also likely to increase costs for UK consumers buying goods directly from EU businesses, RSM is warning

Tax / HMRC delays Making Tax Digital for VAT trial for businesses

HMRC has assessed 18 software suppliers as having met its requirements for Making Tax Digital for VAT, ahead of the mandatory deadline for online filing next April, while its public trial for businesses who will have to keep and submit digital records will not now start until later this year

Tax / Centralised EU VAT system: moving towards single one-stop shop

Is a definitive EU VAT system closer to being realised with Germany’s acceptance of a one-stop shop (OSS) for VAT on distance sales, asks Nicholas Hallam, CEO of Accordance

Tax / FB 2018-19: changes to VAT grouping eligibility

Following an earlier consultation, the government is proposing to allow non-corporate entities to join VAT groups, subject to certain conditions, with a measure included in draft Finance Bill 2018/19

Tax / Government releases draft legislation for Finance Bill 2018-19

The government has issued draft Finance Bill 2018-19, including draft legislation for at least 33 significant measures affecting employment tax, simplification of Gift Aid, company car tax liability, Making Tax Digital penalty regime and new rules for tax under IFRS 16 Leases, reports Sara White

Tax / VAT updates: July 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy on input tax where purchases not received, reduced rate insulation reversal, distance selling and goods delivery

Tax / Online traders still dodging VAT payments

Many overseas online traders are still not paying VAT on the goods they sell despite government efforts to force them to do so and the situation may get worse in the wake of Brexit, according to MPs

Tax / Updated guidance on VAT liability of goods on approval

HMRC has published updated guidance for mail order retailers and others, clarifying its policy regarding when goods are supplied on approval and the VAT liability of the delivery charges for these goods

Tax / Treasury urged not to lower VAT registration threshold

The Low Income Tax Reform Group (LITRG) is cautioning the Treasury against reducing the VAT registration threshold in the near future, as there are so many fundamental changes on the horizon for small businesses to get to grips with in the next few years, such as Brexit and HMRC’s Making Tax Digital programme

Tax / HMRC consults on construction services VAT reverse charge

HMRC has opened a six-week technical consultation on draft secondary legislation for a VAT reverse charge on certain construction services, which is intended to remove the opportunity for fraudsters to charge VAT and then go missing before paying it over to the Exchequer

Tax / Calls for VAT waiver for removing combustible building cladding

Companies removing combustible cladding from their buildings like Grenfell Tower should have their VAT waived by the UK Government, Scottish Ministers have said

Tax / VAT updates: June 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy asks when a charity is not a charity following Wakefield College VAT decision, whether goods or services in paragon, language barrier reasonable excuse

Tax / Ebay and Amazon pledge to promote VAT compliance

The European arms of Ebay and Amazon have signed an agreement with HMRC to tackle online VAT fraud and promote VAT compliance to users of online marketplaces, although there are only three signatories to the agreement so far
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