The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note looks at when a business will be entitled to account for import VAT under ‘postponed accounting’. Postponed accounting is expected to come into force after the end of the Brexit implementation period.
For an overview of the impact of Brexit on VAT and customs more broadly, see the Brexit ― overview guidance note. For an overview of the impact of Brexit on businesses moving goods between the UK and the EU, see the Brexit ― moving goods between the UK and EU after the implementation period guidance note.
Postponed accounting is designed to address the cash flow issues that would arise for many businesses if they were obliged to pay import VAT at the point that they import goods into the UK.
In essence, postponed accounting allows a business to account for import VAT via its VAT return rather than at the point that goods come into the UK. If a business is entitled to full VAT recovery, this is effectively an administrative entry; the import VAT is accounted for but it is immediately recovered on the same VAT return. Consequently, a cash
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This guidance note explains how to calculate the amount of tax that arises under the lifetime charge. In general terms the lifetime charge will apply to individuals who transfer property into a trust that is subject to the relevant property regime. See the Chargeable transfers and Occasions of
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
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
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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