VAT rules change for GB-bought second-hand vehicles sold in NI

From 1 May 2023, businesses will no longer be able to use a margin scheme when buying second-hand vehicles in Great Britain and selling them in Northern Ireland. VAT-registered businesses buying second-hand vehicles in Great Britain and selling them in Northern Ireland can currently benefit from the second-hand margin scheme, subject to its rules. This […]

Further changes to VAT option to tax notification process

Notification receipt letters will no longer be issued with effect from 1 February 2023, says HMRC. Supplies of land and buildings are normally exempt from VAT. This means that no VAT is chargeable, but the person making the supply cannot normally recover any of the VAT incurred on their own expenses. However, it is possible […]

New VAT penalty regime guidance published

HMRC releases guidance on the new penalty regime for late submission and payment of VAT returns. Guidance on late payment and repayment interest has also been published. On 4 January 2023, HMRC published five guidance pages relating to the new penalty regime for late submission and payment of VAT returns, as well as late payment […]