The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the scope of the domestic reverse charge applied in respect of trading in renewable energy certificates. See the Domestic reverse charge ― accounting requirements for information on what information needs to be shown on the VAT invoice and how to account for the reverse charge.
The reverse charge mechanism for businesses trading in renewable energy certificates has been introduced with effect from 14 June 2019 and applies to the buying and selling of renewable energy certificates in the UK from that date.
HMRC appreciates that these changes have been introduced with little notice and has therefore stated that it will apply a ‘light touch’ when dealing with errors that occur within the first six months of the changes being implemented, providing that the business has tried to comply with the revised legislation and has acted in good faith. Errors must be corrected as soon as possible after discovery and HMRC will consider penalties where it considers that the business has deliberately tried to avoid accounting for VAT correctly.
These are certificates that are issued to electricity and gas generators when they produce renewable energy. These certificates can be trade
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
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
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
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
Business asset disposal relief (previously known as entrepreneurs’ relief) is a capital gains tax (CGT) relief that allows business owners with chargeable gains on qualifying business assets to pay CGT at a rate of 10%. For disposals made on or after 11 March 2020, the relief is available on up to
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.