Prior to 1 January 2021, all VAT registered businesses supplying goods or reverse charge services to VAT registered customers in EU member states were required to complete and submit an EC Sales List (ESL). This declaration includes the total value of goods, the total value of reverse charge services and the customer's VAT registration number. Completing and submitting an ESL was a requirement for zero-rating intra-EU movements of goods and call-off stock. The ESL could be submitted electronically or using a paper return. Returns became due no later than 21st day of the following month if submitted electronically and no later than the 14th day of the following month if submitted in paper form. Failure to submit accurate ESLs by the due date could result in the imposition of a penalty.
With effect from 1 January 2021, ESLs are only required in respect of the sale of goods from Northern Ireland to EU VAT registered businesses.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Why capital losses are importantCapital losses are usually set against the capital gains that arise in the same year as the loss, reducing the total taxable gains for that year. Losses not used in this fashion are normally carried forward to be set against the next available gains.However, in
This note provides details on how to calculate quarterly instalment payments (QIPs) for large and very large companies.The instalment amounts are based on the estimated corporation tax liability of the company’s current accounting period. Therefore, this means that large and very large companies
VAT fuel scale chargesWhat are fuel scale charges?The VAT fuel scale charge is a simplified method that can be used by a business that funds both business and private mileage costs for employees to account for any output tax due on the private use of the vehicle. The charge was introduced to
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are