The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance notes deals with the export issues that relate to specific transactions or industries, and should be read in conjunction with the Exporting goods from 1 January 2021 ― overview, Economic Operator Registration and Identification Scheme (GB EORI) and Exporting goods ― evidence of export ― from 1 January 2021 guidance notes.
See also De Voil Indirect Tax Service V4.304.
If more than two UK businesses are involved in a supply of goods that are subsequently exported, the first supply is likely to be liable to UK VAT. For example:
US Co orders some goods from a UK company 1
UK company 1 does not have the goods so sources them from another UK company 2
UK company 2 delivers the goods directly to US Co on behalf of UK company 1 and issues its invoice to company 1 charging UK VAT
UK company 1 issues an invoice to the US Co which can be zero-rated if evidence of export is obtained from company 2. See the Exporting goods ― evidence of export ― from 1 January 2021 guidance note for more information on the requirements
Notice 703, para 4.1
It’s worth noting that in the scenario above there could also be a supply of se
**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
‘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
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
IntroductionUK resident individuals who are non-UK domiciled can benefit from the remittance basis of taxation. The remittance basis allows for relief from UK taxation for non-UK sources of income which are not brought in (or remitted) to the UK. A remittance is any money or other property which is,
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
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.