VAT basic principles

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Practice notes
The value shifting rules are anti-avoidance provisions. They are similar to the rules applying to depreciatory transactions in that they target the...
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9th Nov
Practice notes
The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...
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Produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP 12th Jan
Practice notes
The Enterprise Investment Scheme (EIS) is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax...
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9th Nov
Practice notes
Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...
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9th Nov
Practice notes
A damages or compensation payment may attract VAT. This depends on exactly what the payment is for. If it is purely compensatory, it will be outside...
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9th Nov
Practice notes
Where a dispute is brought to an end by a payment of damages or compensation, whether under a court order or an out-of-court settlement agreement:•the...
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9th Nov
Practice notes
This Practice Note is about the meaning of a scheme of reconstruction for tax purposes.Tax neutrality is maintained where a company (company A) enters...
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9th Nov
Practice notes
Coronavirus (COVID-19): HMRC has stated in its International Manual that if a financial institution cannot meet the FATCA reporting deadline of 31 May...
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Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 12th Jan
Practice notes
It is standard market practice for loan agreements (also known as facility agreements), whether bilateral or syndicated, to:•prohibit a borrower from...
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Produced in partnership with Eloise Walker of Pinsent Masons 12th Jan
Practice notes
This Practice Note describes the law and practice relating to elections under section 198 or 199 of the Capital Allowances Act 2001 (CAA 2001), which...
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Produced in partnership with Martin Wilson 12th Jan
Practice notes
Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...
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Produced in partnership with Martin Wilson 12th Jan
Practice notes
Unilateral relief, like double tax relief, aims to relieve double taxation. Subject to certain conditions being satisfied and specific limits,...
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9th Nov
Practice notes
FORTHCOMING CHANGE: HMRC is consulting (13 July to 10 August 2020) on draft regulations to provide a deduction from a UK entity’s equity and...
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Produced in partnership with Charlotte Sallabank of Katten Muchin Rosenman UK LLP 12th Jan
Practice notes
Brexit: This Practice Note contains information on subjects impacted by the UK’s withdrawal from the EU. The Taxation (Cross-border Trade) Act 2018,...
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Produced in partnership with John Fuszard of Sagars Accountants Ltd 12th Jan
Practice notes
Stamp duty land tax (SDLT) ceased to apply to any land transaction involving any interests in or over land in Scotland from 1 April 2015. From that...
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9th Nov
Practice notes
Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 12th Jan

Most recent VAT basic principles content

Q&As
VATWhether a price quoted is inclusive or exclusive of VAT must turn on the terms of the particular contract. If there is nothing in the contract...
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15th Feb
Q&As
A supply of services is defined in the Value Added Tax Act 1994 (VATA 1994) as 'anything which is not a supply of goods but is done for a...
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15th Feb
Q&As
A value added tax (VAT) invoice must normally be provided when a VAT registered person supplies goods or services to another VAT registered person.A...
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15th Feb
Q&As
In order to assess whether a cross-border supply is subject to UK value added tax (VAT), it is necessary to consider the place of supply rules, which...
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27th Dec
Q&As
Value added tax (VAT) applies to taxable supplies of goods or services in the UK made by a taxable person in the course of furtherance of a...
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29th Nov
Q&As
This Q&A assumes that all the companies are UK resident and have a UK fixed establishment.VAT group membership is governed by the Value Added Tax Act...
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29th Nov
Q&As
Where a business sale is a transfer of a going concern (TOGC) for value added tax (VAT) purposes, it is not a supply of goods or services for VAT...
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29th Nov
Q&As
Legal services provided by UK lawyers to a business, such as a bank, will be subject to VAT if the services are supplied in the UK. Under the VAT...
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29th Nov
Q&As
A person who is registered for VAT in the UK may be deregistered (ie, their VAT registration may be cancelled) on a compulsory or voluntary basis. The...
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29th Nov
Q&As
This Q&A assumes that the drinks are not supplied in the course of catering.The Value Added Tax Act 1994 (VATA 1994) governs the UK's value added tax...
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29th Nov
Q&As
We assume for the purposes of this question that:•both the buyer and seller are taxable persons and registered for value added tax (VAT)•VAT has been...
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29th Nov

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