2 December 2021| CATEGORIES: Certificate of Status, HMRC, VAT refund| TAGS: Brexit, HMRC, VAT refund
HMRC have changed the way they issue the certificate of status (CoS) to UK businesses. The CoS, which often needs to be included with foreign VAT refund claims as proof of UK trading status, is now issued by email by default.
17 November 2021| CATEGORIES: Brexit, COVID-19, VAT refund| TAGS: Bank transfer, NETP, VAT refund
HMRC are making available the option for NETPs to request VAT repayments by bank transfer instead of receiving a payable order.
7 October 2021| CATEGORIES: HMRC, Tax, Tax gap, VAT| TAGS: HMRC, Tax gap, VAT
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.
23 September 2021| CATEGORIES: HMRC, Making Tax Digital| TAGS: Making Tax Digital, VAT, VAT News
An independent report commissioned by HMRC has been published on the impact of MTD for VAT on businesses.
22 September 2021| CATEGORIES: Covid measures, COVID-19, hospitality and tourism, VAT rates| TAGS: Covid measures, hospitality, VAT News
The VAT rate that applies to certain supplies of hospitality, hotel and holiday accommodation, and admission to certain attractions changes on 1 October 2021. The current 5% rate for these supplies will be replaced by the introduction of a new reduced rate of VAT of 12.5% which will remain in effect until 31 March 2022.
21 September 2021| CATEGORIES: HMRC, New tax rules, Tax, VAT| TAGS: Large businesses, New HMRC rules, UTT
The government is introducing new rules from 1 April 2022 which require large businesses to notify HMRC when they take an uncertain tax position. The taxes within scope of the requirement to notify are Corporation Tax, Income Tax (when returned in a Partnership or PAYE return), and VAT.
7 September 2021| CATEGORIES: COVID-19, VAT| TAGS:
HMRC has published Revenue and Customs Brief 11 (2021): VAT liability of Coronavirus (COVID-19) testing services, explaining the rules for the VAT treatment of COVID-19 testing services.
5 August 2021| CATEGORIES: VAT| TAGS: VAT, VAT News
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.
23 June 2021| CATEGORIES: e-Commerce, VAT| TAGS: e-commerce, EU, VAT
From July 2021, the VAT rules on EU cross-border business-to-consumer (B2C) e-commerce activities will change. Here you can access the European Commission’s published guidance on the new rules.
3 March 2021| CATEGORIES: Budget, VAT rates| TAGS: Budget 2021, hospitality, tourism, VAT rate cut
On 3 March 2021 Chancellor Rishi Sunak delivered Budget 2021. Most of the Budget measures were targeted at addressing the fall out from the COVID-19 pandemic, including extending the VAT rate cut for the hospitality and tourism sectors.
