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 procedure that HMRC should follow when it receives a repayment VAT return.
See ‘Back to basics ― VAT refunds, repayment supplement and interest’ by Karen Bullen in Tax Journal, Issue 1066, 21 (25 February 2011).
Update: the draft Finance Bill 2018–19 legislation and explanatory notes. In Clause 32 and Schedule 14 of the draft legislation, changes have been introduced which will bring VAT into the scope of the provisions for repayment interest. The changes generally ensure that repayment interest works in the same way for VAT as it currently does for income tax self assessment with the exception of two areas around reasonable enquiry and missing returns. It is important to note that the draft legislation contains provisions under which no repayment interest is paid on:
balancing payments for VAT payments on account when the payments of account exceed the total amount due on the VAT return
for any period where HMRC has a reasonable inquiry
any period where HMRC is correcting errors and omissions, or
for any period when there are other VAT returns missing at the time of receipt of the relevant return
for any period where notice is given to produce evidence
**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
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
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
Why is this important?Tax-free amountEach individual, whether or not they are resident in the UK, is entitled to an annual exempt amount when calculating the taxable amount of their chargeable gains for the tax year (although see the exceptions below). The annual exempt amount is also known as the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.