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 note applies to transactions whilst the Great Britain was a member of the EU and during the transition period that ended on 31 December 2020. For information on Northern Ireland see the Northern Ireland topic. Distance selling occurs when a VAT registered EU supplier sells ‘delivered goods’ to a private customer or organisation that is not VAT registered in another EU member state. The customer must purchase delivered goods from the overseas EU supplier in order to come within the scope of the rules explained below. These rules only apply to deliveries within the EU and were introduced to prevent distortion of competition. This could occur if suppliers established themselves in lower VAT rate jurisdictions in order to obtain a competitive advantage over a local supplier selling the same goods to local customers. Under the distance selling rules, an overseas supplier is required to VAT register in the EU member state where the goods are delivered once a specified trading threshold has been exceeded in that country.
One example of a business sector that often comes within the scope of the distance selling rules are businesses selling publications overseas or goods sold via the internet. Frequently, publishers circulate their books, newspapers or magazines outside the UK either to other European or worldwide distributors, or to individual subscription holders. Under the distance selling regulations, if the supplier is responsible for the delivery of goods to a person who is not a taxable person in another EU member state, such
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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
Maintenance payments are payments made by a taxpayer to their former or separated spouse for the maintenance of that former spouse or their children. To obtain any tax relief for maintenance payments, one of the couple must have been born before 5 April 1935 and the payments must be made by virtue
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
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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