Expert commentary and practical guidance from ICAEW related to VAT under the UK tax regime.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
Major VAT changes are being introduced by the EU on 1 July 2021, just six months after the end of the UK’s transitional deal. Neil Warren provides guidance on the key changes that will take place.
The UK has left the EU, with 31 December 2020 marking the end of the transitional deal that has been in place since 1 February 2020. The EU departure will mean important changes for UK businesses that sell broadcasting, telecommunication and electronic (BTE) services to non-business customers (B2C) inside the EU. Neil Warren provides guidance on the key changes that will take place.
Although many of the implications of Brexit are currently unknown, VAT and customs duties are likely to be affected. This guide outlines the potential tax consequences. This guide was updated following the publication on 23 August 2018 of guidance from HMRC as to what will happen if there is no Brexit deal.
ICAEW has reiterated its call for all VAT exemptions to be abolished in its response to HMRC’s consultation on how to simplify VAT rules related to land and property. It has also recommended the removal of all VAT options.
Draft legislation, consultation updates and promises of future tax measures were made on 20 July. The focus for many will be on basis period reform, but ICAEW’s Tax Faculty highlights the other key announcements.
Finance ministers from the G20 have backed the global tax agreement brokered by the Organisation for Economic Co-operation and Development and urged that a detailed implementation plan be finalised by October.
This quarter’s top technical stories on ICAEW Insights include more information on the government’s proposed audit and corporate governance reforms, the OTS review on moving tax year end and the relaunching of HMRC’s agent dedicated line.
Highlights from the broader tax news week ending 7 July, which includes: a reminder of the 31 July deadline for tax credit renewals; links to new SIs correcting anomalies in EU-exit VAT legislation; a deadline extension for non-EU businesses making VAT repayment claims; a new online form for companies applying for de-minimis extended loss carry-back claims and confirmation that Northern Ireland business can use the one stop shop union scheme from 1 July.
Andy Tall examines the changes to the penalty regime for VAT and ITSA contained in the Finance Act 2021.
Neil Warren shares practical tips about the VAT issues of a business making a charge for management services to an associated company.
As work continues behind the scenes on the complex rollout of Making Tax Digital, ICAEW’s Tax Faculty has the latest details on where things stand with MTD for VAT and income tax.
Brought to you by the Tax Faculty, this webinar covers the capital allowances landscape following the provisions in the 2021 Finance Act.
From 1 July 2021, the existing Mini One Stop Shop (MOSS) scheme transitions to a new framework. This is the 2021 EU e-commerce VAT package. This webinar will provide an explanation of the new EU -ecommerce VAT regime.
In this webinar, Neil Warren, Independent VAT speaker, author and consultant explains the new rules on VAT domestic reverse charge for construction services and how it will affect your clients.
In this webinar Neil Warren VAT speaker, author and consultant, provides practical VAT saving tips.
This webinar will cover some of the practical points that businesses and their advisors should be aware of in relation to goods moving between the UK and EU.
This webinar from the Tax Faculty provides a round up of all the measures that are under review and subject to consultation, and how the faculty will be responding.
Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by MarkelTax.
Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Monthly updates on the UK government's help for businesses during the coronavirus pandemic, plus recent developments in UK tax and a VAT news and cases roundup.
A chapter on VAT aspects of HMRC investigations, to help practitioners with tax administration and compliance.
A chapter on taxpayers' rights and HMRC powers in relation to tax returns.
This chapter is designed to give a basic guide to the completion of the VAT return.
This chapter covers VAT in relation to the Flat Rate Farmers' Scheme.
This chapter covers VAT in relation to the Flat Rate Scheme for Small Businesses.
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Guide to completing a Self-Assessment tax return for 2017/18, with advice and worked examples covering key aspects of personal taxation in the UK
A chapter setting out the essential principles of VAT, as set out in the Value Added Tax Act 1994 and subsequent Finance Acts.
This second chapter on VAT explains how the tax is administered by HMRC, as well as a number of schemes which simplify the VAT system.
Short summary of what is chargeable for VAT in the UK, who constitutes a taxable person and how much tax is paid at different rates of VAT.
A high level overview of the framework of VAT administration covering appeals and the interest charged on VAT recovered through the raising of an assessment.
Section covering the penalties for late VAT registration, unauthorised issue of tax invoices, and late, fraudulent or erroneous tax returns.
Briefly explains who has an obligation to register for VAT with a worked example for a small business. It also notes the pros and cons of voluntary VAT registration.
This chapter explains the schemes for businesses recovering VAT incurred within the EU.
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The Tax Faculty believes that simplification of the VAT system for land and property is highly desirable and that consideration is given to removing the current VAT exemption rules for commercial property. However, now that the UK has left the EU, as land and property is only one aspect of the complications caused by the exemption regimes more generally, we think that the time has come to undertake a thorough review of the VAT exemption rules with a view to its abolition.
In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.
A response dated 3 March 2021 to a consultation published by HMRC on 9 December 2020.
A response dated 23 November 2020 to a consultation published by HMT on 28 August 2020.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
<p>Paper from HMRC on the EU rule changes from 1 July 2021 relating to the movement of goods from Northern Ireland to the EU and imports of low value goods into the EU or Northern Ireland.</p>
Step-by-step guide explaining how to bring goods into the UK from any country. It covers tax and duty, customs declarations, licences and certificates, VAT refunds, commodity codes, and other import procedures.
Information on which businesses can, or need to, account for import VAT on their VAT Return (also called postponed VAT accounting). It also covers businesses that use agents or forwarders to import goods on their behalf, how to complete customs declarations, and importing merchandise in baggage.
Access internal VAT guidance from HMRC, prepared for it's staff.
List of companies who are supplying suitable software to support the MTD for VAT pilot. These suppliers have tested their products in HMRC's test environment and have already demonstrated a prototype of their software to HMRC.
Notice giving updated guidance on digital record keeping and return requirements of MTD for VAT. It explains the digital records that businesses must keep, ways to record transactions digitally in certain special circumstances, and what counts as ‘functional compatible software’.
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