The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s VAT and customs regime. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit — overview guidance note.
HMRC has taken a proactive stance against what it perceives to by aggressive VAT avoidance schemes that are aimed at achieving a tax advantage. A number of the listed schemes that need to be notified have been introduced as a result of litigation between HMRC and businesses who have sought to reduce their overall VAT burden. Please see the Anti avoidance ― listed schemes guidance note. HMRC has also introduced further provisions to capture other types of arrangements that are not listed schemes where it is necessary to notify HMRC. More information can be found in the Anti-avoidance ― hallmark schemes guidance note.
This guidance note provides an overview of some of the significant case law that has helped to shape the current VAT anti-avoidance provisions that are currently in place.
In this case, the appellant claimed an export refund in respect of goods which were exported to a destination outside of the EU. The goods were, however, immediately re-imported and the authorities demanded repayment of the refund. The ECJ was referred by the European Commission to Council Regulation (EC, Euratom) No 2988/95, Art 4(3) which concerns on the protection of the European Communities' financial interests, which states:
“Acts which are established to have as their purpose the obtaining of an advantage contrary to the objectives of the Community law applicable in the case by artificially creating the conditions required for obtaining that advantage shall result, as the case shall be, either in failure to
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Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
This guidance note provides an overview of the steps businesses need to take if aspects of their business change, and as a result, they need to notify HMRC about the change.Changes to name and / or addressIf a business changes its name and / or its address then it is required to notify HMRC of the
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