HMRC’s VAT online service for agents to be decommissioned
[ad_1] Agents should use their agent services account to manage the VAT affairs of all clients going forward. HMRC has announced that it will phase out the remaining functionality from its legacy VAT services. From 16 April 2024, agents will no longer be able to use HMRC’s online service for agents to: submit a VAT […]
Access to HMRC’s VAT helpline to be restricted
[ad_1] HMRC’s VAT helpline will only be open for the five business days ahead of the filing date each month. HMRC has also made permanent the changes to the taxpayer self assessment and PAYE helplines. HMRC has announced that, from 8 April 2024, its VAT general enquiries telephone helpline will only be available for the […]
VAT registration threshold to increase
[ad_1] Among the indirect tax Budget announcements is the increase to the VAT registration threshold from 1 April 2024. A new duty on vaping products will also be introduced as well as changes to airport passenger duty and landfill tax rates. The headline announcement for indirect taxes is that the VAT registration threshold will increase […]
VAT import one stop shop for Northern Ireland
[ad_1] Businesses in Northern Ireland can now register for the scheme to account for VAT on goods sold to consumers in the EU or Northern Ireland. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to […]
HMRC changes agent authorisation for VAT
[ad_1] The digital handshake in the agent services account should now be used for almost all agent authorisations for VAT. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an […]
HMRC challenges UK VAT status of online traders
[ad_1] HMRC will contact businesses believed to be non-established taxable persons (NETPs) for VAT purposes. The business will then have 30 days to challenge HMRC’s decision. HMRC will send a one-to-many letter from late January 2024 to businesses that it believes are NETPs for UK VAT purposes. The letter was first mentioned in Agent Update 112. […]
Exchange of payment data to fight VAT fraud
[ad_1] EU rules set to transform VAT fraud detection in e-commerce come into effect from 1 January 2024. From 1 January 2024, payment service providers (PSPs) offering payment services in the EU will be required to monitor the payees of cross-border payments. PSPs will be required to provide to the tax administrations in member states […]
HMRC maintains approach to VAT treatment of fund management
[ad_1] Following a consultation, the government has confirmed it will keep a list-based approach to the VAT exemption for management of funds. In December 2022, the government published a consultation on the VAT treatment of fund management services. The consultation proposed to ensure current UK policy is included in UK law. This would establish the […]
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 […]
Extension of VAT zero rates in Autumn Statement
[ad_1] The zero rate of VAT will apply to reusable period underwear and the installation of a wider range of energy saving materials from early 2024. The Chancellor announced the extension of two VAT zero rates at the Autumn Statement 2023. Period underwear The zero rate for women’s sanitary products, which replaced the reduced rate […]