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  • VAT Memo - Particular activities - Agents - 7090
    A true agent acts on behalf of another person. However, the mere description of a person as an agent may not reflect the true position in law. Moreover, a person's status as an agent may or may not be disclosed to outside parties. This is important for VAT purposes, because it is always vital to know who is supplying what to whom. A person may or may not be an agent in a given situation. An agent may or may not be the person making the supply in question. Incorrect classification can therefore result in errors...
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  • VAT Memo - Particular activities - Agents - VAT accounting for agents - 7115
    The agent will be involved in at least two supplies: - the main supply between the principal and the third party; and - a supply of agent's services to the principal, for which a commission or fee is charged. It is important to distinguish between these two supplies. Their VAT liability will not always be the same (for example, the sale of books is zero-rated but any commission received by an agent in relation to the sale is standard-rated). When there is an agency relationship, it is important to determine:...
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  • VAT Memo - Particular activities - Agents - Expenses incurred on behalf of others - 7185
    In the course of acting for the principal, the agent may incur additional costs which should properly be paid for by the principal. This situation can also occur in normal commercial situations, where there is no agency agreement but someone is acting on another person's behalf. For VAT purposes these costs could either be: - true disbursements, which the agent recharges without adding any VAT (or profit); or - costs that are part of the agent's own supply and should be included in the value of the agent's...
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  • VAT Memo - Particular activities - Agents - Overseas principals - 7205
    Business transactions involving overseas principals must consider the following requirements: - the appointment of a UK VAT representative in relation to non-EU principals; - the due diligence registration scheme for UK-based fulfilment houses; and - the requirements for online marketplaces to ensure VAT compliance by their users.
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  • VAT Memo - Particular activities - Agents - Particular trades - Summary - 7230
    Trade ¶¶ Employment bureaux ¶7235+ Debt collectors ¶7246+ Taxi services ¶7252+ Hairdressers ¶7266+ Driving schools ¶7280+ Direct selling ¶7292+ Second-hand shops ¶7300+ Travel agents ¶7460+ Auctioneers ¶6750+
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  • VAT Memo - Particular activities - The travel industry - 7460
    Despite their name, travel agents are not necessarily agents in strict law. They act in various capacities, depending on the type of transaction undertaken. For the purposes of this chapter, the following terms will be used: - travel agent, for a person who is truly acting as an intermediary or disclosed agent (¶7120), receiving commission; and - tour operator, for someone who is acting either as principal or as an undisclosed agent for a principal, which will usually be the case for transactions involving...
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Result 1 of 6 results