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.
9 February 2023| CATEGORIES: Brexit, second-hand vehicles, VAT| TAGS: new VAT rules, Northern Ireland, second-hand vehicles
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.
24 February 2021| CATEGORIES: building and construction services, domestic reverse charge, VAT| TAGS: domestic reverse charge, new VAT rules
In a bid to tackle fraud, the VAT domestic reverse charge for construction services is being introduced in March 2021. This will impose a significant administrative burden on businesses affected by the change.
23 July 2020| CATEGORIES: Brexit| TAGS: Brexit, e-commerce, new VAT rules
New VAT rules will apply to sales of goods by overseas businesses to GB customers after the Brexit transition period ends. Find out more about the new UK VAT registration obligation.
24 June 2020| CATEGORIES: building and construction services, domestic reverse charge, VAT| TAGS: domestic reverse charge, new VAT rules
HMRC has announced that the introduction of the domestic reverse charge for construction services has been delayed again to 1 March 2021 due to the impact of the COVID-19 pandemic on the industry. The DRC imposes a significant administrative burden on businesses affected by the change.
24 September 2019| CATEGORIES: building and construction services, domestic reverse charge, VAT| TAGS: domestic reverse charge, new VAT rules
HMRC has announced that the introduction of the domestic reverse charge for construction services has been delayed by 12 months and will now be introduced with effect from October 2020. The domestic reverse charge imposes a significant administrative burden on businesses affected by the change.
24 June 2019| CATEGORIES: building and construction services, domestic reverse charge, VAT| TAGS: domestic reverse charge, new VAT rules, VAT News
HMRC has published new guidance on the VAT domestic reverse charge for building and construction coming into effect in October 2019. The VAT reverse charge is a major change to the way VAT is collected in the building and construction industry.
13 July 2018| CATEGORIES: Making Tax Digital| TAGS: Making Tax Digital, MTD, new VAT rules
HMRC has published VAT Notice 700/22 providing further guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.
