HMRC’s latest VAT notes
HMRC has published the latest quarterly edition of VAT notes which provides VAT registered businesses with a summary of recent changes and important notices pertaining to VAT. The main topics covered in this latest edition are as follows:
- VAT registration numbers – the current series of VAT numbers is almost exhausted. Newly registered businesses are currently receiving VAT registration numbers commencing ‘100 XXXX XX’.
- Economic Operator Registration and Identification (EORI) number- information relevant for importers and exporters of goods from outside the EU.
- New and revised penalties from 1 April 2010 – details of the VAT and Excise wrongdoing penalty, failure to notify penalty and inaccuracy penalties which become applicable from 1 April 2010.
- Flat rate scheme – taxpayers who use this special scheme need to be aware of the new flat rate percentages which came into effect on 1 January 2010.
- Changes to the Tour Operators Margin Scheme (TOMS) – Changes to TOMS relevant to tour operators and other businesses that supply tour operating services. These changes including the withdrawal of a number of concessions take effect from 1 January 2010.