The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note considers a number of issues that may be relevant to businesses in order to prepare for the end of the implementation period.
For an overview of Brexit more broadly, see the Brexit ― overview guidance note.
Uncertainty still remains for VAT and customs as to how the Withdrawal Agreement will be implemented (especially in relation to Ireland and Northern Ireland) but this guidance note seeks to provide an overview of some of the key points that businesses need to be aware of.
For further in-depth commentary on the law, see De Voil Indirect Tax Service V1.301.
At present, there is an EU-wide cross-border refund scheme which allows businesses to use their HMRC portal in order to claims VAT refunds of VAT incurred in EU member states (see the Overseas VAT refunds guidance note). Depending on the terms of any fu
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The corporate interest restriction (CIR) essentially limits the amount of interest expense a company can deduct from its taxable profits if the interest expense is over £2 million. The actual mechanics of the CIR calculation are highly complex (the legislation is over 150 pages long) and are
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
Preparatory workBefore completing the Inheritance Tax account for submission to HMRC, the practitioner needs to undertake a comprehensive review of the extent of the estate and its proposed distribution. The work required leading up to the submission of the account is described in detail in the
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