Recently updated VAT Notices – December 2013

Recently updated VAT Notices

Export of goods from the United Kingdom

HMRC has published an updated version of Notice 703: Export of goods from the United Kingdom dated November 2013 to replace the August 2006 edition.

HMRC indicates that the following changes have been made:

Paragraph Alteration
1.4 Updated reference to European VAT law
2.4 Amended definition of ‘overseas person’
2.5 Removal of customs information already contained in other notices
2.6 Removal of customs information already contained in other notices
2.8 Updated list of European Community countries
2.12 Amended guidance to reflect a change to the law on the VAT treatment of indirect exports
3.4 Amended guidance to reflect a change to the law on the VAT treatment of indirect exports
3.8 Updated guidance on the appeals process
7.13 Removal of customs information already contained in other notices
11.2 Amended to reflect current VAT rate of 20%
Removal of outdated information previously in paragraphs 5.6 of the August 2006 version of this notice
Removal of customs information previously in paragraph 5.13 of the August 2006 version of this notice because that information is already contained in other notices

An important notice for any business involved in exporting goods from the UK. HMRC says that the notice needs to ‘… if you are a VAT registered person and you intend to export goods or if you are involved in the exportation of goods from the UK to a destination outside the EC as a customs clearing agent, freight forwarder, haulier, warehousekeeper, shipping company or airline.’

Disclosure of VAT avoidance schemes

HMRC has published an updated version of Notice 700/8: Disclosure of VAT avoidance schemes dated October 2013 to replace the February 2006 edition.

HMRC indicates that the following changes have been made:

This notice has been revised to include legislative changes made since the last version to the meaning of ‘tax advantage’, the ‘duty to notify’ rules, and the range of ‘listed schemes’ and ‘hallmarks’. It also corrects some minor errors and expands on the guidance to help you identify the schemes that must be notified.

Following restructuring within HM Revenue & Customs, the address for disclosing a notifiable arrangement has also been changed – see paragraphs 5.4 and 8.7.

You only need to read this Notice if you have turnover £50,000 per month or more and you are VAT registered. The Notice lists 10 VAT avoidance schemes where the business has to notify HMRC if it intends to use any of them, and also the Hallmarks of other avoidance schemes that need to be notified to HMRC.

Cash Accounting

HMRC has published an updated version of Notice 731: Cash Accounting dated January 2011 to replace the January 2011 edition. There is no mistake, this is how it appears in the Notice and on HMRC’s website.

The only change is to paragraph 8.2 on the Subject Matter Experts Team.

Annual accounting

HMRC has published an updated version of Notice 732: Annual accounting dated November 2013 to replace the June 2010 edition.

HMRC indicates that the updated notice includes changes to the Subject Matter Expert Team Details in paragraph 9.11.

The updates to the last two notices are only to the address to be used if you have any suggestions or comments on them. There has been no obvious change to the technical content of the notices.

Conclusion

It is worth getting a copy of any new VAT notice if it affects your business. Having them helps to show that you are taking reasonable care to get your VAT accounting right.

If you have any questions on these notices leave a comment below.

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