19 December 2024| CATEGORIES: EU businesses, Simplified compliance, SME scheme| TAGS: EU, SME Scheme
From 1 January 2025, the EU’s new special VAT regime for small and medium businesses (the SME scheme) will come into effect. The EU has launched a new portal to assist businesses that want to take advantage of the scheme. The rules for the SME scheme are complex. Small businesses planning to implement the national and/or cross-border aspects should carefully review the EU Commission’s published Guides and Explanatory Notes.
15 November 2024| CATEGORIES: EU VAT, Platform economy, VIDA| TAGS: digital reporting requirements, ECOFIN, EU, platform economy, single VAT registration, VIDA
The EU has reached agreement on the VAT in the Digital Age (ViDA) proposal. The Estonian government had previously opposed the ViDA proposal due to concerns about the new deemed supplier regime. The measures are expected to be adopted in stages over the period 2027 to 2035.
18 October 2024| CATEGORIES: Customs, EU VAT, Excise, General Court, Preliminary rulings| TAGS: CJEU, Customs, EU, General Court, VAT
Responsibility for preliminary rulings in six specific areas, including VAT and customs, has transferred to the General Court of the European Union. A new Chamber has been created to specialise in preliminary rulings on questions referred in the relevant areas.
10 October 2024| CATEGORIES: Private school fees, standard rated, VAT registration| TAGS: Budget, HMRC guidance, VAT on school fees
HMRC have published guidance on the introduction of VAT on private school fees. It is advisable that private schools review the guidance and start planning accordingly ahead of any further announcements that are made in the Budget on 30 October 2024.
24 September 2024| CATEGORIES: e-invoicing, HMRC consultation| TAGS: e-invoicing, HMRC, UK
The Chancellor Rachel Reeves has outlined a package of reforms to improve the UK’s tax system. HMRC are to launch a consultation on electronic invoicing (e-invoicing) to promote its wider use across UK businesses and government departments. Additional HMRC compliance staff are being recruited to help close the tax gap
19 September 2024| CATEGORIES: HMRC, process controls, VAT guidelines| TAGS: New HMRC guidelines, VAT compliance
HMRC has published its Guidelines for Compliance (GfC8) – Help with VAT Compliance Controls to help businesses assess whether they have sufficient controls within their systems and VAT accounting and compliance processes. The guidance sets out what HMRC considers to be good practice.
21 August 2024| CATEGORIES: VAT legislation, VAT OSS| TAGS: HMRC, OSS, VAT
HMRC has updated the VAT One Stop Shop (OSS) and Import One Stop Shop (IOSS) section in its Manual on VAT Tertiary Legislation. The update includes a new section to let OSS registered businesses know how and when to notify HMRC if they no longer make eligible supplies under the scheme.
14 August 2024| CATEGORIES: EU VAT, General Court, VAT case| TAGS: Court of Justice, EU, General Court, VAT cases
From 1 October 2024 responsibility for EU decisions in VAT and customs cases will transfer from the Court of Justice of the European Union to the General Court of the European Union. The aim of the reform is to reduce the workload of the Court of Justice.
7 August 2024| CATEGORIES: Private school fees, standard rated, VAT| TAGS: 20%, school fees, UK, VAT change
The government has announced that from 1 January 2025 private school fees will be subject to VAT at the standard rate of 20%. Boarding services provided by a private school will also be subject to VAT at 20%. Anti-forestalling measures will be introduced to prevent VAT avoidance.
10 July 2024| CATEGORIES: HMRC, Online VAT tool, VAT registration| TAGS: HMRC, Online tool, VAT registration estimator
HM Revenue and Customs (HMRC) has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator has been developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT and its effect on profits.
