HMRC’s Quarterly VAT news update
HMRC has published the latest quarterly edition of their 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:
- Partial Exemption Standard Method -there have been a number of changes to the standard method which came into effect from 1 April 2009. One of these changes was a compulsory change which widened the scope of the standard method for certain businesses. There were also some optional changes where businesses do not need prior approval from HMRC including a new use-based option for new partly exempt businesses.
- Vehicle Scrappage Scheme – an explanation of the VAT implications of the new scrappage scheme which was introduced earlier this year.
- Withdrawal of the Staff Hire Concession – includes details of the well publicised withdrawal of the staff hire concession from April 2009.
- 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.