Flat rate scheme changes: bad news for sole trader business advisers

In the 2016 Autumn Statement the Chancellor of the Exchequer announced a change to the Flat rate scheme to address an abuse of the scheme. The Flat rate scheme is intended to provide small businesses with an administratively easy way of accounting for VAT. The scheme is intended to bring in about the right amount of VAT without giving businesses a … [Read more...]

Recently updated VAT Notices (September 2016)

HMRC has updated these VAT Notices in recent weeks: VAT Notice 723A: refunds of VAT in the European Community for EC and non-EC businesses HMRC 7 September 2016 published an updated version of VAT Notice 723A: refunds of VAT in the European Community for EC and non-EC businesses dated September 2016. There is now a link within the Notice that … [Read more...]

Overseas businesses selling goods stored in the UK

On 16 September 2016 HMRC published guidance for "overseas businesses using an online marketplace to sell goods in the UK". The guidance is for overseas businesses that store and sell goods in the UK although they have no business establishment in the UK. Many of these businesses use an online marketplace that provides a fulfilment service to … [Read more...]

HMRC announce zero-rating for women’s sanitary products

On 24 March 2016 HMRC published a note on it's website indicating that from some future date the VAT rate to be applied to women's sanitary products would reduce from 5% to 0%. There is no indication of when the change will be made. As it stands the VAT lock legislation the government introduced makes it illegal for it to change the rate of VAT … [Read more...]

VAT Notices updated up to 31 March 2016

VAT Notices updated up to 31 March 2016 Tour Operators Margin Scheme On 22 February 2016 HMRC published an updated version of Notice 709/5: tour operators margin scheme dated February 2016 to replace the August 2004 edition. HMRC indicates that the following changes have been made: Sections 9 and 10 of this notice have been updated. This … [Read more...]

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