Under the Spotlight:
As travel companies roll-out their glossy campaigns to entice us to book our two weeks of sunshine this summer, a reminder from the European Commission has been released highlighting the importance of correctly applying the Tour Operators Margin Scheme. Travel Industry expert & VAT Director, Julie Park takes a look. Read the blog.
Client Feedback Survey
A huge Thank You! to everyone who participated in our client feedback survey and, as promised, we will be sending a donation of £62 to Save The Children.
The survey was a great way for us to find out which of our services you value and it was very reassuring to see that over 90% of you use this newsletter as a way of staying up to date with the VAT world.
Don’t forget though, you can keep up to date with us every day by following us on Twitter: @vatconsultancy and we regularly post news and advice on our Facebook page:
The responses also gave us an insight into which aspects of VAT you will find most challenging in 2011. The results were varied but the top 5 were:
- managing everyday VAT accounting
- international VAT
- partial exemption
- land & property
- charities & not for profit
Over the coming months, our “Under the Spotlight” feature will cover each of these topics, providing you with an essential guide to this area, and giving the answer to some of the relating questions we receive every day from businesses.
If there is another issue, you’d like us to cover then please to get in touch with us: vat@thevatconsultancy.com
This month on The VAT Blog:
Latest News on Academies
Steve McIntyre, VAT Director and Local Authority expert takes a look at the latest news for Academies and Voluntary Aided Schools and what changes will be happening after 1 April 2011. Read the blog.
The impact of the VAT rise on charities; the devil is in the detail
Now that the dust has had time to settle , Karen Mulcahy, Consultant and charities expert looks at one sector particularly hardest hit by the January VAT rise. Read the blog.
International Confex
We are delighted to be taking part in this year’s International Confex, the leading event for event organisers from 1 – 3 March at Earls Court, London.
With the events industry under increased pressure to deliver a better ROI on a tighter budget, there are many opportunities for event organisers to save money from better management of their VAT affairs. Julie Park, VAT Director, will be sharing her unrivalled knowledge and expertise of this area in the Business Skills & Personal Development theatre, showing event organisers how to avoid the VAT pitfalls and giving them ten ways to a more profitable international event.
For more details of this years event, click here.
HMRC News Round-up:
There have been a substantial number of new and revised Business Brief notices this month:
VAT Info Sheet 04/11 sets out in some detail the changes in new provisions for buildings to qualify for zero rated VAT because they were intended for use solely for relevant residential or relevant charitable purposes.
HMRC are simplifying the change of use provisions from 1 March 2011 which will only apply where the change takes place on or after 1 March 2011 and the zero rated supply in question took place on or after 1 March 2011.
Business Brief 03/11 – introduces the changes to the option to tax on supplies of land and buildings (anti-avoidance rule) with an introduction of a new 2% occupation rule that changes the way that occupation by reference to Automatic Teller Machines is treated. The Notice applies particularly to supplies of land and buildings which are subject to the anti avoidance rules in the VAT Act 1994, Schedule 10, Paragraphs 12 to 17.
If you have any cases that you feel would be affected by this change, then contact your usual consultant.
The following notices have also been revised and updated:
Notice 703/2 – Sailaway boats supplied for export outside the EC.
Notice 700/41 – Late registration penalty
Notice 48 – Extra Statutory Concessions
Notice 733 – VAT & the flat rate scheme for small businesses
Notice 731 – VAT & the cash accounting scheme
Notice 727/5/4/3 – Current retail schemes
Businesses affected by these provision need to be aware of these particular changes.
STOP PRESS:
Look out for details of our forthcoming webinar series for 2011. Free to attend, Julie Park, VAT & Customs Duty Director will provide you with the latest news & intelligence on specific VAT & Customs Duty developments.