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.
This guidance note provides an overview of the types of goods that can be imported by a charity into the UK without the requirement to pay import VAT and customs duties. This note should be read in conjunction with the Importing goods from outside the EU (rules until 31 December 2020), Charities ― overview and Charities ― recovering VAT and VAT reliefs guidance notes. Please also see VCHAR3000.
The following goods are included within the scope of the import VAT and duty relief:
basic necessities that are intended for use by needy people. These include the following types of goods that are intended to meet the immediate needs of the people to whom they are distributed free of charge within the Customs union or overseas:
clothing and blankets
goods that will be sold or used at a charity event that is intended to benefit needy people. Any eligible goods can be used or sold for fund raising activities at occasional charity events (an event that is not normally held more than four times a year). The organisation must receive the goods free of charge from a person / organisation established outside of the Customs Union and the
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
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