Digital scheme for DIY housebuilder VAT refunds launched
[ad_1] Taxpayers building their own home can now claim back VAT incurred through an online service. HMRC has launched an online service to reclaim VAT for DIY housebuilders. This follows an announcement at the Spring Budget 2023 and an update at the Autumn Statement 2023. The VAT DIY housebuilders scheme allows taxpayers building their own home to […]
DIY housebuilders scheme digitised – and time limit extended
[ad_1] Individuals building their own home can submit their DIY housebuilders VAT refund claim digitally. The time limit for such a claim has also been extended to six months after completion of the build. The VAT DIY housebuilders scheme gives DIY homebuilders the ability to reclaim the VAT they pay on building materials for any […]
Extension of VAT second-hand margin scheme in NI
[ad_1] Eligible vehicles purchased in Great Britain and moved to Northern Ireland before 1 May 2023 can now be sold under the margin scheme until 30 April 2024. Until 1 May 2023, businesses could account for VAT on second-hand vehicles bought in Great Britain and sold in Northern Ireland under the second-hand margin scheme. This […]
Features of a merged R&D tax relief scheme
[ad_1] On 18 July, this year’s Legislation or ‘L’-Day’, the government published draft legislation setting out the design for a merged research and development (R&D) tax relief scheme. However, no decision has been taken to introduce a merged scheme. The publication of draft legislation follows a consultation on a potential merger of the research and […]
Construction industry scheme: drop VAT compliance test
[ad_1] ICAEW’s Tax Faculty considers the proposed construction industry scheme (CIS) gross payment status (GPS) VAT compliance test is unlikely to deter organised criminal groups and should be dropped. Making contractors and sub-contractors pass a VAT compliance test to qualify for construction industry scheme (CIS) gross payment status (GPS) will increase burdens for the compliant […]
Sign up to UK Internal Market Scheme by 31 July says HMRC
[ad_1] HMRC is writing to all holders of the UK Trader Scheme (UKTS) authorisation to inform them of the upcoming actions they need to take because of the Windsor Framework. The existing UKTS will cease to exist from 30 September 2023. It is being replaced by the UK Internal Market Scheme (UKIMS). HMRC has confirmed […]
Developing Countries Trading Scheme launched
[ad_1] The new Developing Countries Trading Scheme replaces the UK Generalised System of Preferences. On 19 June 2023, the Developing Countries Trading Scheme (DCTS) replaced the UK Generalised System of Preferences (UK GSP). The scheme has been designed to improve access to the UK market for developing countries. The DCTS applies to countries that previously […]
UK Internal Market Scheme replaces UK Trader Scheme
[ad_1] The Internal Market Scheme will replace the UK Trader Scheme on 30 September 2023. It will allow traders moving goods to Northern Ireland from Great Britain to demonstrate that the goods are not at risk of moving to the EU. When the Windsor Framework was announced in February 2023, it promised a new ‘green […]
Drink return scheme deposits should fall outside scope of VAT
[ad_1] The Tax Faculty expresses concern that the proposed output VAT liability would fall on the wrong person. In ICAEW REP 42/23, ICAEW’s Tax Faculty expresses broad support for drink deposit return schemes (DRS) but stresses that the schemes should not create an excessive administrative burden on businesses affected by the schemes. The faculty considers […]
Scotland’s deposit return scheme delayed
[ad_1] The scheme that was due to commence in August will now be introduced on 1 March 2024. In a statement on 18 April, Scotland’s First Minister Humza Yousaf confirmed that Scotland’s deposit return scheme would be delayed to 1 March 2024. The additional time would be used to work with businesses to address concerns […]