VAT Notes 4 issued by HMRC
Those of you that are VAT registered will get a copy of the latest edition of HMRC’s VAT notes with your next VAT return.
This oft discarded information sheet contains useful, if somewhat brief, information for VAT registered businesses. Having just downloaded the PDF version with its interactive links to other documents on the HMRC website, it seems a shame that you can’t use these in the hard copy version that comes with your VAT return.
What are the highlights in this issue of VAT Notes?
1. New and revised VAT publications
A list of all new and revised VAT publications issued in the last three months or so.
2. Zero-rating of intra-community trade
See Revenue & Customs Brief 61/07.
3. Do you earn commission as a sub-agent in the travel industry?
See Revenue & Customs Brief 62/07.
4. Do you sell plots of building land with access to essential services, such as gas, electricity, water, main drainage, street lighting and sewerage?
See Revenue & Customs Brief 64/07.
5. Do you provide management services to investment trust companies?
See Revenue & Customs Brief 65/07.
6. Are you the owner of a care home or similar building?
See Revenue & Customs Brief 66/07.
7. Do you use assets partly for non-business use? Implementation of ‘Lennartz Accounting’ regulations
See VAT Information Sheet 14/07.
8. Are you involved in business promotions and their associated credit notes and rebates?
Please note that Revenue & Customs Brief 67/07 has been withdrawn with immediate effect.
9. Have you bought or sold a business as a going concern? Changes to record-keeping requirements
See VAT Information Sheet 12/07.
10. Are you affected by the new Money Laundering Regulations now in place?
New Money Laundering Regulations 2007came into force on 15 December 2007, and your business may be affected. HMRC now supervise High Value Dealers, Money Service Businesses, Trust or Company Service Providers and Accountancy Service Providers.
11. Are you involved in importing and exporting?
Single Administrative Document (SAD) harmonisation was implemented on 1 October 2007. The CHIEF import and export declaration processing system to accept harmonised declarations is now in operation. If you make import or export declarations, you now have until midnight on 20 January 2008 to move to the new style of declaration. Old-style,pre-harmonised, declarations will not be accepted after this date.
12. Revised guidance – VAT liability of insurance
HMRC have published revised guidance on the VAT liability of insurance and insurance-related services.
13. Intrastat
See my previous post
You can download a PDF version of the VAT Notes from HMRC’s website.
Related posts:
