FA 2007, Sch 24, para 11 provides that HMRC may reduce a penalty in the event of special circumstances.
this blog raises and addresses VAT issues.
I work with Accountants, Charities, and SMEs, providing VAT support. I come across a wide variety of interesting people, and a wide variety of VAT issues. Some of them will find their way to this blog.
And, I play guitar, but you probably guessed that!
I want to take an opportunity to praise HMRC. Reading Tax Tribunal decisions is always interesting and educational. Two decisions regarding how HMRC deal with belated VAT registrations shed light on a rather mysterious HMRC section called ‘Liable Not Liable’ (or Liable No Longer Liable).
This article outlines how the VAT D-I-Y scheme works. The scheme applies to an individual, or an organisation, which want to construct (or convert) a building for his/her (its) own use.
The VAT Repayment Supplement (RS) ‘punishes’ H M Revenue & Customs when they fail to process or action a Repayment Return in a timely fashion. They have 30 days from the receipt of the Return or claim to issue an (internal) instruction to make the payment to the taxpayer.
A person can reclaim VAT incurred before registration for VAT, and even before a company was incorporated. However, there are certain conditions and restrictions, which the claimant will need to be aware of.
New rules come into effect on 1 December 2012, which mean that, where traders based outside the UK make sales into the UK, they may be required to be registered for VAT, irrespective of their turnover. A new Schedule 1A was inserted into the VAT Act 1994 following the Budget.
One of the most common questions I come across is whether a taxpayer should opt to tax a property. It frequently leads to all manner of problems, and it really shouldn’t!
Back to basics first.
The Financial Services Authority (FSA) has introduced new rules in the marketing of financial services products. This follows their Retail Distribution Review (RDR). This process has been designed to improve the professionalism of the industry.
This article highlights a risk area where a UK taxpayer buys services from a supplier based elsewhere in the EU. The problem is growing, and HMRC have issued assessments and penalties.
I frequently come across situations where a charity has trading income. Such income can have VAT implications. In a worst case scenario, modest trading activity can jeopardise zero rating for the construction of a building for the charity.