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  • VAT Memo - Output tax - Time of supply - Bad debt relief - 840
    As debts can remain unpaid and may eventually have to be written off as irrecoverable, suppliers can claim a refund of any VAT accounted for, provided that the debt is still outstanding 6 months after it was due and certain other administrative conditions are met. Any corresponding input tax recovered by VAT-registered customers must be repaid to HMRC (¶868). The amounts claimed or repaid relate to the amounts originally accounted for or recovered. Thus a change of VAT rate subsequent to those events has no...
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  • VAT Memo - Compliance - Records - General requirements - Retention of records - Period - 2797
    The standard rule is that the minimum time for which records should be retained is 6 years. This is extended to 10 years for businesses making digital supplies to consumers and using the VAT MOSS (¶7000+) online service to make returns. In relation to land and buildings, longer periods apply to properties covered by the capital goods scheme (¶5750+), or over which an option to tax has been exercised (¶5602+). The requirements are the same for electronic records and for paper. Failure to meet these requirements...
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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 - Simplified accounting schemes - Cash accounting scheme - Leaving the scheme - Specific situations - Ceasing to trade - 4970
    If a trader: - ceases to trade, or to be VAT-registered; - becomes insolvent; or - transfers a business as a going concern (¶8646+), and the purchaser does not take over the VAT registration number, a final return must be submitted, and any VAT paid, within 2 months of the date of cessation. If a trader ceases to trade, the cash accounting scheme may still be used to account for VAT on disposals of remaining stocks and assets, until cancellation of the VAT registration.
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  • VAT Memo - Particular activities - Retailers - VAT on takings - retail schemes - Apportionment schemes - Apportionment 2 - Expected selling price - 6444
    At the end of the VAT period, the retailer should review the selling prices by taking into account: - price changes (particularly in respect of perishable goods which must be sold by a certain date); - special offers and promotions which were not predicted initially; - goods supplied from normal stock to use in business entertaining; - wastage in light of actual events; - goods taken into private use; - products recalled by manufacturers; - equipment (e.g. freezer) breakdowns; - breakages; - theft; and - bad...
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