Commentary

701/48/14 Corporate purchasing cards

Part V8 HMRC Notices
Part V8 HMRC Notices | Commentary

701/48/14 Corporate purchasing cards

Part V8 HMRC Notices | Commentary

701/48/14
Corporate purchasing cards

April 2014

1 Introduction

1.1 What is this notice about?

This notice explains how you must account for VAT if you are—

  1.  

    —     a supplier accepting purchasing cards; or

  2.  

    —     a business buying goods and services by means of purchasing cards.

The notice explains—

  1.  

    —     the tax point rules for supplies covered by purchasing card arrangements; and

  2.  

    —     the invoicing requirements when using a purchasing card.

This notice covers only the VAT requirements in relation to purchasing cards. Banks and card companies issue comprehensive procedural guidance, specific to each particular system, to all suppliers and card users.

Please note, references made in this notice to acceptability for VAT reporting and input tax recovery apply only to purchasing cards with an associated VAT invoicing capability. Ordinary purchasing, charge and credit cards do not have this capability, and statements/reports from such cards are not acceptable for VAT purposes.

Main narrative treatment—V3.513, V3.527.

1.2 What's changed?

This notice has been updated to reflect changes in the marketplace since the March 2002 version.

Main narrative treatment—V3.513, V3.527.

1.2 What's changed?

This notice has been updated to reflect changes in the marketplace since the March 2002 version.

Main narrative treatment—V3.513, V3.527.

1.3 Force of law?

Regulations 13 and 14 of the VAT Regulations 1995, govern the issuing and content of VAT invoices. Parts of this notice have the force of law under those regulations. Paragraphs which have the force of law are indicated by a statement and by having been placed in a box.

Main

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