17 September 2020: Duty-free shops will return from 1 January 2021, but international visitors to Great Britain will no longer be able to buy and take with them tax-free purchases from other retailers in the country as the VAT retail export scheme is scrapped.
Features and articles
7 September: Following decisions in the EU Court of Justice HMRC has changed guidance for businesses charging customers a fee to withdraw from supply agreements.
8 September: HMRC’s latest guidance sets out its VAT relief policy for a variety of digital advertising scenarios for charities.
7 September: ICAEW’s Tax Faculty is calling on members to share their views on UK VAT grouping provisions to support an HM Treasury call for evidence.
Making Tax Digital (MTD) was first talked about almost five years ago now by HMRC as they believe avoidable mistakes by the taxpayer is costing the Exchequer billions each year. In fact, they have estimated this figure at £8.5 billion in the 2018/19 tax year alone.
18 August: Two new publications from HMRC outline its approach to collecting tax debt and highlight the importance of early discussions with debt management when problems are anticipated.
11 August: The VAT treatment of imported goods is changing from 1 January 2021 following the end of the transition period. HMRC has started to issue guidance on the changes.
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
Webinars and recordings
This webinar from the Tax Faculty will provide a round up of all the measures that are under review and subject to consultation and how the faculty will be responding.
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.
Money laundering: supplementary guidance for the tax practitioner
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.
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.
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.
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.
ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.