Commentary

BB/14A/06 VAT—proposed reverse charge accounting for businesses trading in mobile telephones, computer chips and certain other goods—update on timetable and dialogue with business

Part V16 Forms and other HMRC material

BB/14A/06 VAT—proposed reverse charge accounting for businesses trading in mobile telephones, computer chips and certain other goods—update on timetable and dialogue with business

BB/14A/06 VAT—proposed reverse charge accounting for businesses trading in mobile telephones, computer chips and certain other goods—update on timetable and dialogue with business

Business Brief, Issue 14. 15 September 2006

Who needs to read this?

Businesses buying and/or selling any of the following goods—1. mobile telephones, 2. computer chips/microprocessors/central processing units, 3. electronic storage medium which may be used in, or in connection with, computers, or any device in categories 1 and 4, 4. electronic devices used for the storage, processing or recording of electronic data as follows—a) handheld devices for recording or playing of sound and or images, b) handheld computers, c) handheld communication devices other than mobile telephones, d) positional determination devices for GPS system, e) games consoles with screen, or of a kind used with a television or computer.

Background

Business Brief 10/06 outlined the background to the UK's request for a derogation from the Sixth EU VAT Directive to allow for the introduction of reverse charge accounting in respect of transactions in certain goods. Under reverse charge accounting, it is the responsibility of the purchaser, rather than the seller, to account for VAT on the transaction. The Business Brief also alerted businesses to a possible implementation timetable and invited interested parties to discuss the implications further with HMRC. This Business

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