13 January 2023| CATEGORIES: Uncategorised| TAGS:
HMRC has advised that from 1 February 2023, it will no longer issue VAT option to tax (OTT) notification receipt letters, nor provide confirmation that an OTT is in place – outside specific circumstances. OTT Notification by e-mail When notifying HMRC of an OTT of land or property by e-mail, HMRC request that the subject line …
Continue reading “HMRC stop issuing option to tax notification receipts”
12 January 2023| CATEGORIES: EU VAT, VAT in the Digital Age, VIDA| TAGS: digital reporting requirements, e-invoicing, EU, OSS, platform economy, single VAT registration
The European Commission has proposed a series of measures to modernise and make the EU’s Value-Added Tax (VAT) system work better for businesses and more resilient to fraud by embracing and promoting digitalisation. The VAT in the Digital Age (VIDA) package also aims to address challenges raised by the development of the platform economy.
1 December 2022| CATEGORIES: Autumn Statement, VAT, VAT registration| TAGS: VAT registration threshold
In the Autumn Statement Chancellor Jeremy Hunt announced that the VAT registration and deregistration thresholds would be frozen for a further 2 years from April 2024. The current thesholds of £85,000 (VAT registration) and £83,000 (VAT deregistration) have now been in place since April 2017.
25 November 2022| CATEGORIES: VAT refund| TAGS: electronic, HMRC, VAT refund
Non-UK businesses can now opt to make UK VAT refund claims electronically. The claims are submitted electronically using HMRC’s Secure Data Exchange Service (SDES) system. The system is optional and there are no immediate plans to make it mandatory.
18 November 2022| CATEGORIES: New VAT policy, VAT| TAGS: HMRC, New policy
HMRC has published new guidance on determining whether or not an activity is a business activity for VAT purposes. Revenue and Customs Brief (10) 2022 sets out HMRC’s new approach.
11 November 2022| CATEGORIES: VAT, VAT reduction| TAGS: tampon tax, VAT rate cut
A report by the Tax Policy Associates think-tank has found that following the abolition of 5% VAT on women’s sanitary products only a 1% price reduction was passed on to consumers.
12 October 2022| CATEGORIES: New tax rules, VAT, VAT penalty regime| TAGS: New HMRC rules, VAT penalty changes
A new penalty regime for VAT comes into effect for VAT return periods starting on or after 1 January 2023. Businesses should familiarise themselves with the changes to avoid getting caught out by some of the finer detail.
5 October 2022| CATEGORIES: hospitality and tourism, VAT, VAT refund, VAT-free shopping| TAGS: Growth Plan 2022, shopping, tax-free, UK, VAT-free
UPDATE: The new Chancellor Jeremy Hunt has reversed this tax measure announced by his predecessor.
19 January 2022| CATEGORIES: Making Tax Digital| TAGS: Making Tax Digital, New HMRC rules, VAT
Making Tax Digital for VAT (MTDfV) will be extended to all VAT registered businesses with effect from 1 April 2022. HMRC recently issued a reminder for VAT registered businesses to take steps to prepare for MTDfV before it becomes mandatory.
18 January 2022| CATEGORIES: HMRC, VAT penalty regime| TAGS: New HMRC rules, VAT News, VAT penalty changes
The Government has announced a delay to the introduction of the new penalty regime for VAT. The new system had been due to come into effect from 1 April 2022, however, this has been delayed by nine months until 1 January 2023.
