VAT Overview

What is VAT? Value Added Tax is an indirect tax aimed at consumers. If a business meets certain criteria then it has to charge VAT on its sales of goods and services. In a supply chain there are usually a series of businesses selling to each other until the final product or service reaches the… Continue reading VAT Overview

Categorized as VAT

Can VAT on entertaining be reclaimed?

You cannot usually reclaim input VAT on business entertainment however you can sometimes reclaim it for staff entertainment. The notes below primarily come from VAT Notice 700/65 and VIT43200. 1) What is entertainment? Entertainment involves hospitality of any kind, such as: provision of food and drink provision of accommodation (such as in hotels) provision of… Continue reading Can VAT on entertaining be reclaimed?

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2018 Autumn Budget Update

As usual there are many changes to the 2018 Autumn Budget, however they’re not all relevant to our clients. So here we have set out the important changes that may affect our clients. The 2 main issues are IR35 changes for contractors and limits on R&D cash refunds. We’ve also added a reminder about the… Continue reading 2018 Autumn Budget Update

MiFID II and VAT on Research – still in the dark!

31 October 2017 Although the MiFID II regulation has been published since 2014 (delayed implementation date – 3rd January  2018), it is surprising that H M Revenue & Customs has not yet provided any firm guidance on the VAT treatment of research work. Recent press states that HMRC is now meeting with industry groups and… Continue reading MiFID II and VAT on Research – still in the dark!

VAT for non-EU sellers

Is registration required for VAT for non-EU sellers using Fulfilment by Amazon in the UK? This has been in the news recently and HMRC may have lost £2bn in recent times from non-EU sellers who have illegal evaded VAT and have recently announced methods of enforcing the VAT. This is a tricky subject and can get… Continue reading VAT for non-EU sellers

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VAT and financial services

VAT and financial services: Are you losing out on VAT? VAT and financial services is a very tricky area and this video presentation gives a brief overview: The main points covered are: 1) VAT and financial services exemptions under VAT Act 1994 Schedule 9 Group 5 (eg money, loans, securities, advising collective investment scheme)… Continue reading VAT and financial services

VAT on Bitcoins

see here for latest HMRC guidance on Bitcoins. The post below was written before their guidance was published:     VAT on Bitcoins Download the full report here There has been a lot of uncertainty regarding the treatment of VAT on Bitcoins and other cryptographic currencies. This uncertainty has led to a VAT risk… Continue reading VAT on Bitcoins