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 how to obtain non-statutory clearance from HMRC that can be used by businesses and their advisors. It also provides details of the EU cross border ruling trial.
HMRC will expect a business to have checked that the transaction is not covered by a more appropriate clearance or approval route and to have checked all relevant HMRC guidance to see whether it can obtain the answer before using this service.
Businesses or their advisers can request clearance from HMRC if:
it still cannot determine the correct treatment after contacting the help desk and / or reviewing all of the relevant written information / guidance published by HMRC
the business has not be able to find any relevant information published by HMRC
the business or its adviser remain unclear or uncertain about HMRC’s interpretation of legislation that has recently been introduced
HMRC will not give clearance in the following situations:
the business has not provided all of the necessary information - businesses should use the checklists provided below to help ensure that all relevant information has been provided
**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
Notices of coding are the means by which HMRC notifies both the employee and the employer of the tax code to be applied to the employee’s earnings. There are several types of coding notice, as detailed below. Only one of these types of notice, form P2, is sent to the employee, the others are sent to
What is an accumulation and maintenance trust?An accumulation and maintenance (A&M) trust is a particular type of settlement intended to make provisions for children and young adults up to the age of 25. The key feature is that trustees are given discretion over how to use the income for the benefit
Usually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note for further details.This rule can be
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