3 June: Taxpayers that wanted to defer VAT payments, but failed to cancel their Direct Debits in time can claim a refund. HMRC outlines how a claim can be made to ICAEW’s Tax Faculty.
Features and articles
You may have seen a recent announcement by HMRC that a temporary zero-rate of VAT has been introduced for the supply of PPE. This is directly relevant to suppliers of PPE and to their customers who typically will be unable to recover any VAT charged on the purchase of the equipment.
26 May: HMRC has published guidance outlining how businesses can reclaim overpaid VAT from the historical operation of some gaming machines. In April, the Upper Tribunal dismissed HMRC’s appeal in two long-running VAT cases where claimants argued that to charge standard rate VAT on the operation of specific types of gaming machines was a breach of ‘fiscal neutrality’.
In one of the cloud add-ons that provides data analytics, there are “Activity Stats”. This was designed mainly for use in quoting prices, but it does provide an insight into the potential workload, or indeed, reduction thereof, when automation is introduced.
1 May: The Chancellor has fast-tracked plans to cut VAT on ebooks and online newspapers and they will be zero-rated from today.
14 April 2020: HMRC has announced that it will temporarily accept email communications from taxpayers in certain circumstances.
April 13: Importers unable to make payment of deferred customs duties and import VAT due on 15 April should take urgent action now, says HMRC.
Sally Sidaway, Medical Director RSM Tax and Accounting, examines the key points around tax issues relating to Primary Care Networks (PCNs) and offers answers to some frequently asked questions.
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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