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  • VAT Memo - Output tax - Time of supply - Tax point - Special rules - Supplies of specific goods and services - Continuous supply of services - 808
    A continuous supply of services is essentially a single supply that is performed over an extended period of time (as opposed to a series of separate supplies). In general, the time of supply for such services is the earlier of receipt of payment, or issue of a VAT invoice. There is no basic tax point. Special rules apply for: - advance invoices (¶810); - supplies between connected parties (¶812); and - supplies of cross-border services received by businesses in the UK (¶9702). - The important elements determining...
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  • VAT Memo - Compliance - Registration - 2600
    There are various requirements to register, and different forms of registration. However, the implications of registration (¶2610) tend to be the same. Anyone who makes wholly exempt supplies (¶350+) is unable to register for VAT.
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  • VAT Memo - Compliance - Registration - Persons making UK supplies - 2640
    A person making taxable UK supplies may be required to register, depending on the value of those supplies. A business may register voluntarily if it is making taxable UK supplies, or if there is an intention to make future taxable UK supplies. Non-UK persons who satisfy particular rules can also register (¶2700).
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  • VAT Memo - Compliance - Reporting - Returns - 2985
    With very few exceptions (see ¶3003), a registered person must submit VAT returns online for every VAT period, and make payment (¶3160+) of any VAT owed at the same time. A professional agent (such as a VAT advisor) can prepare and submit the return, and correspond with HMRC on the trader's behalf. 1. The professional agent must be authorised by the trader, using a form 64-8 for this purpose. 2. For EU sales lists see ¶9330+. 3. For Intrastat returns see ¶9345+. 4. In cases of incapacity or death and the...
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  • VAT Memo - Simplified accounting schemes - Cash accounting scheme - Operating the scheme - Detailed rules for transactions - Rules for special transactions - 4932
    A number of specific types of transaction are dealt with as outlined in the table below. Type of transaction Rules Deposits VAT on deposits which represent advance payment must be accounted for when the deposits are received or paid. If the deposit is refunded, the VAT originally accounted for can be reclaimed. VAT does not apply to deposits taken as security to ensure safe return of goods, whether this is refunded upon return of the goods or retained in the event of loss or damage to the goods. Debts collected...
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  • VAT Memo - Particular activities - Clubs and associations - VAT registration issues - 8225
    The requirement to register for VAT depends on the level of taxable supplies (¶2645+). If making any taxable supplies, the club may choose to register (¶2688+) in order to reclaim input tax, although it should be aware of the related compliance burden. - If mainly zero-rated supplies are made, HMRC may allow a club not to register (¶2652+). - The form VAT1 (¶2704) is to be signed by a responsible officer of the club e.g. the Secretary or Treasurer. - Any change in the membership will not affect the club's...
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  • VAT Memo - Particular activities - Pension funds - 8280
    Pension schemes are often funded so that the contributions made by employer and employees are held by an independent trust (the trustees of which may be individuals or corporate bodies), with the employer having no control. The fund is separate and distinct from the employer's business. When reclaiming input tax on services relating to the pension scheme, both the employer and the scheme trustees must identify the recipient of those services, and the purpose(s) for which they are used. - Other types of pension...
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  • VAT Memo - Business situations - Commencing and ceasing a business - 8550
    Special rules apply on the commencement and cessation of a business to ensure that traders are not unduly discriminated against during these periods. The intention is to enable a smooth entry into, or exit from, the mainstream VAT regime. Additionally, there are certain issues that will arise on: - a sale or purchase of a business; and - the death, insolvency or incapacity of a trader.
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  • VAT Memo - Cross-border transactions - Goods outside the EU - Exported goods - General principles - Exporter - Use of agents - 9579
    An agent, such as a freight forwarder, airline or shipping company, may be appointed by either the exporter or the customer. The agent will handle the export transaction and produce the necessary declarations (¶9426) to HMRC. It must be provided with full information on the goods to enable it to do so and it must take reasonable steps to ensure compliance with all export formalities. If the agent fails to comply with any requirements, the exporter is responsible for payment of any resulting VAT liability.
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  • VAT Memo - General Information - Appendix - Simplified accounting schemes - Flat rate scheme percentages and trade sectors - 9979
    The following table shows: - the percentage rate which applies to each trade sector from 4 January 2011; and - the trades which HMRC considers fit in each sector. For the rates prior to 4 January 2011 see previous editions of -VAT Memo. From 1 April 2017 the flat rate for a limited cost trader is 16.5% (see ¶4673). Category of business Flat rate % Trades which HMRC considers fit in each sector Accountancy or book-keeping 14.5 Accountants and bookkeepers Income tax preparation services Advertising 11 Advertising...
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