|
October 2007
Registration applications continue to be delayed because of volume of work and measures taken to prevent missing trader fraud. Businesses needing to be registered should make early application and ensure that all supporting information and documents are sent.
September 2007
Businesses engaged in non-residential property developments and sales must remember that an option to tax will be necessary in almost all cases to ensure a recovery of input tax.
August 2007
At this holiday time of year, developers should consider planning conditions imposed on developments that include "holiday lets" that might prevent zero-rating of the construction of the dwellings and give an output tax liability on the sales.
June 2007
Notice 708 on Buildings & Construction has been reissued to clarify current HMRC policy on a number of issues. Builders and develeopers should download a copy for reference.
May 2007
The liability of medico-legal services supplied by medial practitoners has changed form exempt to standard rated from 1 May 2007. Normal registration rules will apply and a compulsory registration will only apply if taxable supplies are made above the threshold. Voluntary registrations below the threshold are permitted.
April 2007
The reverse charge on certain items, designed to combat MTIC frauds, is to come into force on 1 June 2007. The scope of goods covered is reduced from the original plan, to cover only mobile telephones and computer chips, of value £5,000 or more plus VAT. The new system requires amendments to accounting and VAT return systems and a quarterly sales list return to be compiled only through the HMRC website.
March 2007
The Budget Statement on 21 March 2007 introduced a number of minor changes to VAT. As usual, the registration threshold was increased, to £64,000. One small but important issue is that where a return is paid by cheque, HMRC will count the date of clearance as being the date the money is received. No longer may businesses send a cheque the day before the due date. This measure shows the benefit of paying electronically, or using the web for sumission of the return and payment by direct debit.
|
