Option to Tax – changes to legislation

HMRC have published guidance on changes to the rules applying to the option to tax. The new rules come into effect on 1 June 2008 – subject to the legislation being accepted by Parliament. The legislation, a Statutory Instrument, was laid before Parliament yesterday, Tuesday April 22, 2008.

The guidance was contained in a Revenue & Customs Brief, 24/08, and an Information Sheet, 3/08. The information sheet has a 50 page annex containing the detailed guidance on the new rules. You can find copies of the Revenue & Customs Brief and Information Sheet on HMRC’s website.

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2. VAT Notes 4 issued by HMRC
3. New Invoicing rules in the UK
4. The Budget 2008 – an overview of the VAT changes
5. Would HMRC have broken the law?