Recently updated VAT Notices – January 2019

HMRC has recently updated a number of VAT Notices. These include: VAT Notice 700/57: Administrative agreements with trade bodies This Notice has been updated to reflect the withdrawal of the agreement with the Association of British Insurers, in section 5, concerning the recovery of input tax incurred in the UK relating to supplies made by … [Read more...]

Accounting for VAT on unfulfilled supplies

What is an unfulfilled supply? It is defined by HMRC as: “… where a customer doesn’t use a service or collect goods … they have paid for.” Why is this important? Until now, December 2018, HMRC allowed the VAT treatment of the payments received to be changed. The supplier could recover, from HMRC, any VAT it accounted for on an advance payment. … [Read more...]

Road Fuel Scale Charge

I've added the latest version of the Road Fuel Scale Charge that HMRC published on 28 March 2018. … [Read more...]

Choose your fights carefully

The First-tier Tribunal recently released its decision on an appeal by Essex International College Ltd [2018] UKFTT 0085 (TC). The College provides university-level education. The College is able to distribute its profits to its members. This means that it is not an “eligible body” under UK VAT law – it fails to meet the criteria in the Value Added … [Read more...]

VAT registration threshold monitoring

I've prepared a note on the VAT registration threshold and included a table for monitoring a business's taxable turnover. You can download it as a PDF File. The VAT registration threshold will remain at £85,000, until at least 31 March 2020. Businesses with taxable turnover close to the limit will need to monitor their turnover, so they … [Read more...]

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