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.
These calculations have been extracted from HMRC Notice 709/5, sections 8–12.
Please note that a temporary reduced rate has been introduced for certain supplies in the hospitality industry that will impact TOMS and additional steps are required to the calculation, see the TOMS calculations ― reduced rate supplies (15 July 2020 to 12 January 2021) guidance note for more information. The calculations below do not include the additional steps that are required as a result of the temporary reduced rate.
These calculations should be used in conjunction with the TOMS calculations guidance note.
The following table provides details of the steps that need to be taken when undertaking a market value end of year annual adjustment.
Only use this calculation if packages or parts of packages are being apportioned by the market value of the in-house element of the package. On completion of all the steps M1–M5, the steps in the cost-based calculation below must be followed, taking forward the figures from this section as instructed.
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