Looking at websites such as Amazon and Ebay, who has to declare output VAT there? The traders appear to have control over the goods supplied, price, delivery etc. Does Amazon/Ebay merely provide the setting in which trade occurs, like a website provider or a shop inside a shop where rent is paid? I have heard rumours that the rules may be changed to make Amazon/Ebay responsible for declaring the output VAT in full for all trading done on their websites.
If a client gets the rate wrong, and applies 20% instead of 5%, would the unjust enrichment rules apply. If the client intended to keep prices the same, not reducing them by the 15% VAT reduction, but gets the rate wrong, would the unjust enrichment rules apply then?
I notice that you used IRIS software to submit. Can the submission be made using HMRC free software or directly on HMRC's website without using 3rd party software? For small clients the cost of using their accountant or 3rd party software can be relatively expensive.
When using the number format be careful about rounding. This only rounds a number for display purposes, not for addition. So if you have 3.5 and 4.6 rounding gives 4.0 and 5.0, but the addition, using the formula "sum()", adds up to 8.1, which when rounded becomes 8.0. Adding up the rounded 4.0 and 5.0 gives 9.0. You then get an add error. The way to correct this is to use the formula "round()" on each number in the list, including the total cell; then it adds up correctly. This is why I never use the rounding facility in format cells.
How exact will the tagging have to be? Will HMRC reject returns and accounts if one or more of the tags are done incorrectly? How pedantic will they be?
I think that the economy will do a double dip. The government has borrowed a huge amount of money and unless there are large spending cuts or tax rises, then I think that the world money markets will see Britain as a bad risk. So I think that after the general election next year, the new government will let us know the bad news.
Are there any customers on the committee? With these consultation committees about regulation, I feel that there are few customers who get involved with the regulation. Is this true or am I mistaken?
My answers
Looking at websites such as Amazon and Ebay, who has to declare output VAT there? The traders appear to have control over the goods supplied, price, delivery etc. Does Amazon/Ebay merely provide the setting in which trade occurs, like a website provider or a shop inside a shop where rent is paid? I have heard rumours that the rules may be changed to make Amazon/Ebay responsible for declaring the output VAT in full for all trading done on their websites.
What do you think?
If a client gets the rate wrong, and applies 20% instead of 5%, would the unjust enrichment rules apply. If the client intended to keep prices the same, not reducing them by the 15% VAT reduction, but gets the rate wrong, would the unjust enrichment rules apply then?
I notice that you used IRIS software to submit. Can the submission be made using HMRC free software or directly on HMRC's website without using 3rd party software? For small clients the cost of using their accountant or 3rd party software can be relatively expensive.
Rounding can cause a problem
When using the number format be careful about rounding. This only rounds a number for display purposes, not for addition. So if you have 3.5 and 4.6 rounding gives 4.0 and 5.0, but the addition, using the formula "sum()", adds up to 8.1, which when rounded becomes 8.0. Adding up the rounded 4.0 and 5.0 gives 9.0. You then get an add error. The way to correct this is to use the formula "round()" on each number in the list, including the total cell; then it adds up correctly. This is why I never use the rounding facility in format cells.
What happens after the soft landing is over?
How exact will the tagging have to be? Will HMRC reject returns and accounts if one or more of the tags are done incorrectly? How pedantic will they be?
What about charities?
Will this change affect charities? Will the £500,000 limit go up?
Will the economy do a double dip?
I think that the economy will do a double dip. The government has borrowed a huge amount of money and unless there are large spending cuts or tax rises, then I think that the world money markets will see Britain as a bad risk. So I think that after the general election next year, the new government will let us know the bad news.
Why do you not put your letters into the post box?
When I call an HMRC corporation tax office it is always engaged!
Whenever I call an HMRC corporation tax office, the line is engaged. So much so that I have now given up trying to telephone them.
So I do not have the chance to be asked security questions.
It would be nice to get to speak to anyone at the corporation tax office, so that I can be asked security questions.
Are there any customers on the committee? With these consultation committees about regulation, I feel that there are few customers who get involved with the regulation. Is this true or am I mistaken?