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.
3 July 2024| CATEGORIES: Digital Reporting Requirements, e-invoicing, EU VAT, Platform economy, Single VAT registration, VIDA| TAGS: digital reporting requirements, e-invoicing, ECOFIN, EU, platform economy, single VAT registration
Agreement on the revised ViDA proposals was not achieved at the meeting of the EU’s Economic and Financial Affairs Council (ECOFIN) held on 21 June 2024. It had been hoped that full agreement would be reached under the Belgian Presidency which ended on 30 June 2024. Discussions will resume at the next ECOFIN meeting in July under the Hungarian Presidency.
5 June 2024| CATEGORIES: Digital Reporting Requirements, e-invoicing, EU VAT, Intra-EU trade, VIDA| TAGS: digital reporting requirements, e-invoicing, EU, platform economy, single VAT registration, VAT in the Digital Age, VIDA
After more than a year of talks on the EU VAT in the Digital Age (ViDA) package, revised proposals were published on 8 May 2024. This article looks at what has changed.
29 May 2024| CATEGORIES: carbon credits, New VAT policy| TAGS: new VAT rules, Terminal Markets Order, voluntary carbon credits
HMRC have published RCB 7 (2024) on the new VAT treatment of voluntary carbon credits. With effect from 1 September 2024, the sale of these carbon credits will taxable for VAT purposes where the place of supply is in the UK.
8 May 2024| CATEGORIES: Brexit, Italy, VAT refund| TAGS: Brexit, Italy, VAT refund
The UK has concluded a reciprocal agreement with Italy on VAT refunds. UK businesses not established in Italy will now be able to claim refunds of VAT paid on goods and services in Italy relating to their business activities under the EU’s 13th Directive process. UK businesses will not require a local tax representative.
26 April 2024| CATEGORIES: B2B, HMRC guidance, TOMS| TAGS: B2B wholesale, New HMRC policy, TOMS
HMRC have published Revenue and Customs Brief 5 (2024) on the application of the Tour Operators’ Margin Scheme (TOMS) for business-to-business (B2B) wholesale supplies. The brief explains that businesses can choose if they want to apply the Tour Operator’s Margin Scheme (TOMS) to B2B wholesale supplies.
17 April 2024| CATEGORIES: Brexit, UK VAT legislation| TAGS: Brexit, HMRC policy, Removal of supremacy of EU law
HMRC have published Revenue and Customs Brief 4 (2024) which explains how VAT and excise legislation should be interpreted in light of the Retained EU Law (Revocation and Reform) Act 2023, and
the bespoke solution introduced for VAT and excise in Finance Act 2024. The Retained EU Law (Revocation and Reform) Act 2023 removes the supremacy of EU law in the UK.
10 April 2024| CATEGORIES: HMRC guidance, Non-established taxable persons, UK, VAT registration| TAGS: HMRC, NETP, VAT, VAT registration
HMRC have amended VAT registration information relating to non-established taxable persons (NETPs) in VAT Notice 700/1. An NETP is any person who does not have a UK establishment. The rules regarding VAT registration can be complex, especially for overseas sellers of goods via an online marketplace.
7 March 2024| CATEGORIES: Budget, VAT registration threshold, VAT-free shopping| TAGS: Spring Budget 2024, tax-free shopping, VAT registration threshold
The Chancellor of the Exchequer, Jeremy Hunt, presented his Spring Budget to the House of Commons on 6 March 2024. This article sets out the main points of interest from a VAT perspective.
6 March 2024| CATEGORIES: customer service, HMRC| TAGS: customer service, HMRC, PAC report
A Public Accounts Committee (PAC) report into HMRC performance in 2022-23 has concluded that the level of customer service at HMRC “has reached an all-time low”. The Committee received an unprecedented number of written submissions about HMRC’s performance, demonstrating the extent of taxpayers’ dissatisfaction over the quality of services and the impact on businesses.
