New VAT second-hand motor vehicle payment scheme

9 February 2023| CATEGORIES: Brexit, second-hand vehicles, VAT| TAGS: , ,

A new VAT-related payment scheme for businesses that buy second-hand cars in GB and move them to Northern Ireland or the European Union for resale is to be introduced. This puts Northern Ireland dealers in a comparable financial position to their counterparts in the rest of the UK. Under the terms of the Northern Ireland Protocol the VAT second-hand car margin scheme could no longer be used by dealers for these sales.

READ MORE
VAT penalty

New UK VAT penalty regime

HMRC is introducing a new VAT penalty regime for VAT return periods starting on or after 1 January 2023. All businesses should familiarise themselves with the changes, particularly as certain businesses could be subject to penalties for the first time.

1 February 2023| CATEGORIES: New penalty regime, VAT

DOWNLOAD
Tax gap

HMRC publish 2019/20 tax gap analysis

7 October 2021| CATEGORIES: HMRC, Tax, Tax gap, VAT| TAGS: , ,

The tax gap for the 2019/20 tax year is 5.3%, which represents £35 billion, according to statistics recently published by HM Revenue and Customs (HMRC). The total tax gap for Value Added Tax (VAT) is £12.3 billion.

READ MORE
VAT penalty

New UK VAT penalty regime from 1 April 2022

5 August 2021| CATEGORIES: VAT| TAGS: ,

The Government has announced a new VAT penalty regime which introduces changes to the penalty processes for both late VAT return submissions and late payments, to apply from 1 April 2022. Our blog article covers the changes coming into force under the new system.

READ MORE

RBCVAT provides practical, hands-on help and advice on all international VAT matters.

    RBCVAT needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.