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.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
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.
Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.
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.
Features and articles
Neil Warren considers practical issues with the two new penalty systems for late VAT returns and payments that will begin in 2023.
Scheme returns allowing overseas visitors to claim back the VAT paid on purchases of goods taken home in their personal baggage.
The new form, launched in August, is HMRC’s preferred option for notification of errors in VAT returns.
Highlights from the broader tax news for the week ending 7 September 2022, including: reopening of museum and galleries VAT refund scheme; claiming refunds for interest on customs debts; faster corporation tax repayments; and PIN activation letters.
Ruth Corkin and Ed Saltmarsh set out advice for businesses to ensure an efficient operation.
HMRC has improved functionality around gForms to allow the entire form to be viewed before completion.
This month’s top technical stories include New VAT online services, the Tax treatment of charging company-provided electric cars, and a consultation on the future of business rates online.
HMRC’s online VAT return will close on 1 November 2022. From that date, businesses and agents will only be able to file VAT returns using MTD compatible software. The online VAT return will remain available to those with a digital exclusion exemption.
Webinars and recordings
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.
Slides relating to VAT changes in Europe webinar
This webinar runs through post-Brexit VAT changes for overseas sellers exporting to Europe.
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.
Bloomsbury Core Accounting and Tax Service
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.
Chapter providing expert guidance on VAT in relation to business partnerships, including LLPs.
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 Scheme for Small Businesses.
This chapter covers VAT in relation to the Flat Rate Farmers' Scheme.
An accessible guide to current VAT law, written for both professional advisers and non-professionals.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
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 response to HM Treasury’s consultation on online sales tax. ICAEW is concerned that an online sales tax (OST) will not address the imbalance of the costs of business rates borne by those retailers with physical premises versus the lower establishment costs of e-commerce sellers but will only serve to create extra complexity and increased compliance burdens.
A response dated 22 February 2022 to a consultation published by HM Revenue & Customs on 30 November 2021.
ICAEW’s Business Law and Tax Faculties respond to BEIS and HMRC proposals to introduce a facility for companies incorporated overseas to transfer their place of registration to the UK.
A response dated 7 December 2021 to a consultation published by HMRC on 4 November 2021.
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.
Guidance for businesses on how to declare goods brought in or removed from a customs site, moved between different customs sites, moved with the same site, and when goods and services can be zero-rated for VAT.
Guidance on how to charge and account for VAT on the movement of goods between Northern Ireland and EU member states. It cancels and replaces the previous VAT Notice from December 2020.
<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.
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