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 is important guidance. Many businesses can be caught out by the rules for the Tour Operators Margin Scheme and end up having to use it. Being forced into using the Scheme can often be avoided without avoiding VAT yet avoiding the added administrative burden of operating the scheme. Some businesses will have no option other than applying the scheme.

Refunds of VAT in the European Community for EC and non-EC businesses

On 31 March 2016 HMRC published an updated version of Notice 723A: refunds of VAT in the European Community for EC and non-EC businesses dated March 2016 to replace the October 2011 edition.

There is no indication of what changes have been made.

This notice is required reading for those with clients that incur VAT in other EU member states and wish to recover it. The recovery process is now easier than before as claims can be submitted through a portal on the HMRC website in English.

Registration scheme for racehorse owners

On 17 February 2016 HMRC published an updated version of Notice 700/67: registration scheme for racehorse owners dated February 2016 to replace the January 2002 edition.

HMRC indicates that the following changes have been made:

  • Steps 1 and 5 in section 2.1 have been updated.
  • The contact address has been amended.
  • The final 2 sections ‘Putting things right’ and ‘How HMRC uses your information’ have been amended.

This notice outlines the VAT registration scheme for racehorse owners and the criteria that need to be met before a racehorse owner can register for VAT.

Imports

HMRC has published an updated version of Notice 702: imports dated February 2016 to replace the April 2014 edition.

HMRC indicates that the following changes have been made:

Amendments have been made to paragraphs:

  • 4.2 the C18 team have moved from Grimsby to National Clearance Hub (NCH) Salford; and
  • 8.8 Isle of Man VAT registered importers has been deleted.

This notice is required reading for any business that imports goods into the UK. It explains how the system works and what needs to be done to avoid delayed Customs clearance of goods.

Local authorities and similar bodies

HMRC published on 8 February 2016 an updated version of Notice 749: Local authorities and similar bodies dated February 2016 to replace the April 2000 edition.

HMRC indicates that it has been restructured and rewritten to improve readability, although the technical content remains unchanged from the previous edition.

This may have a restricted market as it is aimed at a public bodies and local authorities.

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