April Newsletter from The VAT Consultancy
Under the Spotlight:
International VAT
It is vital that businesses trading cross border in goods and services are aware of the VAT treatment applying to their specific transactions. We take a look at the key issues.
Read the blog.
Have you booked your place?
We are delighted to announce the first in a series of Webinars from the expert team here at The VAT Consultancy:
Thursday 5th May 2011, 9.30am: Managing VAT Cashflows
Cashflow is at the top of many businesses agendas at the moment but many still overlook the value of managing VAT cashflows more effectively. Julie Park will demonstrate how good housekeeping in this area can add real value to your business in the current climate.
Friday 6th May 2011, 2.00pm: Managing VAT for Academies
For those involved in the accounts for Academies, new rules relating to how you claim VAT have just been introduced from 1st April 2011. Correct completion of VAT returns and ensuring you claim all the VAT you are entitled to is critical to the bottom line. Steve McIntyre will outline the changes, how to claim, what can be claimed and the other implications of the new rules.
If you would like to attend either of these webinars, please email us at vat@thevatconsultancy.com and we will send you registration details.
This month on The VAT Blog
Charitable Bodies and the cost-sharing exemption
A little-known EU Directive can help charitable bodies recover VAT costs. Karen Mulcahy explores.
Read the blog.
Royal Wedding forces HMRC to change date
The Royal Wedding on 29 April has been declared a bank holiday – therefore for the accounting period ending 31 March 2011, paper VAT Returns must be received no later than the last working day of the month – Thursday 28 April.
Read the blog.
HMRC don’t believe the Wurst will happen here in the UK
Following the recent European Court decision regarding the VAT treatment of certain food items in Germany (Manfred Bog and others), HMRC has now issued its’ view in Revenue & Customs Brief 19/11.
Read the blog.
HMRC News Round-up
This brief confirms a change to the way HM Revenue & Customs views delayed tax for inaccuracy penalties.
This is a supplement for VAT Notes 1 of 2011 giving details of changes to VAT announced in the Chancellor’s Budget of 23 March 2011.
VAT Info Sheet 08/11
Updates the tables for the simplified method of calculating VAT on private use of company cars, dealer demonstrator vehicles and rental cars to take into account the change to the standard rate of VAT.
Revised Notice 733 (Apr 2011)
The Flat Rate Scheme (FRS) offers small businesses an alternative to the normal transaction based method of VAT accounting. It enables eligible businesses to calculate their VAT payment as a percentage of their total turnover. The scheme is open to small businesses whose annual taxable turnover does not exceed £150,000. The aim of the scheme is to simplify the way small businesses account for VAT so that you will spend less time and money keeping VAT records and calculating the VAT payable to customs.
Notice 718
HMRC have updated the notice to reflect changes to the VAT rate and invoicing requirements.
VAT Info Sheet 06/11
This Information Sheet provides information on implementing the EU Technical Directive, the combined business/non-business partial exemption method, treating assets as outside the business, changes to the Capital Goods Scheme (CGS) and legislating a concession for VAT incurred before registration.