Neil Warren considers the liability of common sources of land income. He goes through practical examples to demonstrate the situations where VAT needs to be charged.
Features and articles
Caroline Miskin reflects on the transition to Making Tax Digital for VAT – has IT been a success? Are businesses now compliant? And she also looks at the next steps.
Lindsey Wicks explains the theme behind the Tax Faculty’s budget submission.
Caroline Miskin explains Making Tax Digital for VAT’s recordkeeping requirements. She answers some common questions and clarifies areas of confusion, including the level of detail needed for digital records, relaxations and trading through digital platforms.
Nick McChesney, the Tax Faculty’s VAT and Duties Committee chair, examines the new construction industry reverse charge and how to prepare for it.
What are the rules and regulations according to HMRC?
Kim Hau assesses the results of a Thomson Reuters survey into how firms are preparing for MTD.
Sources for statistics on accountancy firms by fee income, published as part of the Knowledge guide to statistics on the accountancy profession.
Webinars and recordings
An introduction on what to do whilst waiting for your VAT registration.
This TAXbite explains which businesses are in scope for MTD for VAT and when they must comply with the rules.
An explanation of how bank feeds can be used as part of a business' journey towards meeting the Making Tax Digital requirements for its accounting records.
Neil Warren guides us through the labyrinth of VAT changes since April 2018.
This TAXbite talks about exemptions under Making Tax Digital.
This TAXbite explains how the margin schemes for VAT operate within Making Tax Digital.
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.
In TAXguide 23/17, Neil Gaskell explains the changes introduced on 1 January 2015 to the VAT rules for business to consumer supplies of digital services within the EU. This guidance has been updated to include changes introduced on 1 January 2019. Read a summary here, Tax Faculty members can download the full guide.
Money laundering: supplementary guidance for the tax practitioner
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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.
ICAEW's Tax Faculty responds to the VAT registration threshold call for evidence published by HM Treasury on 13 March 2018.
VAT Postponed accounting letter to FST
MTD - Interest harmonisation and sanctions for late payment
VAT and vouchers
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.
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’.
HMRC guidance on the direct tax obligations of charities, VAT and reliefs or exemptions available. Sections cover Gift Aid, Payroll Giving, donating land, buildings, shares or securities, claims, and audits.
HMRC internal manual providing guidance on the meaning of research and development, qualifying expenditure, allowances and charges, disposal events and disposal values, demolition costs, and additional VAT.
Table from KPMG providing data on indirect tax rates around the world with brief accompanying notes. A separate interactive Tax rates tool allows you to compare tax rates by country or region.
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