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 when supplies can be treated as a single composite supply or a multiple supply for VAT purposes, and it should be read in conjunction with the Multiple supplies ― output tax apportionment and Single or multiple supplies ― relevant case law guidance notes.
This guidance note provides an overview of HMRC’s opinion of what it believes constitutes a single or multiple supply for VAT purposes as a result of the lead CJEU decisions in the cases Card Protection Plan (CPP) and Levob Verzekeringen (Levob).
CPP and Levob are landmark cases and have helped to provide a clearer indication of what would constitute a single composite supply for VAT purposes where a number of differing supplies are made and these are bundled into one product offering to the customer. This is a contentious area of VAT and has been the subject of many court cases. Historically, HMRC has not produced any guidance on what it believes constitutes a single or multiple supply for VAT purposes, and it considers that each transaction must be considered on a case-by-case basis, which has led to a number of differing opinions on whether it can be treated as a single or multiple supply for VAT purposes.
It is possible for a transaction to consist of more than one component, and if these components were supplied separately, it is possible that they could have different VAT liabilities. Therefore, it is important for the business to determine whether they are
**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
Why capital losses are importantCapital losses are usually set against the capital gains that arise in the same year as the loss, reducing the total taxable gains for that year. Losses not used in this fashion are normally carried forward to be set against the next available gains.However, in
Calculation of the effective tax rateAn international group’s effective rate of tax is usually calculated as the amount of tax it pays divided by its consolidated profits. The effective tax rate depends largely on:•the rate of tax paid by each company in the group•the companies in which profits are
Tax professionals will often be asked to provide input into the financial statement work undertaken by audit professionals. This guidance note is intended to give an overview of some of the key issues when undertaking audit work.This note is an introduction only and is written on the assumption that
Duty to prepare estate accountsThe Personal Representatives' (PRs) legal obligation to prepare accounts is set out in Section 25 of the Administration of Estates Act 1925. Their prescribed duties include:when required to do so by the Court, exhibit on oath in the Court a full inventory of the estate
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.