HMRC’s VAT notes
HMRC has published the latest quarterly edition of ‘VAT notes’ which includes a summary of recent changes and important notices pertaining to VAT.
The main topics covered in the latest edition are as follows:
- VAT Input tax toolkit – This is aimed specifically at helping accountants and tax agents reduce the likelihood of mistakes relating to input tax.
- Imports, Exports & Transit – A reminder to businesses that the recent VAT increase will mean that some guarantees, guarantee waivers, and deferment limits may need to be increased.
- VAT reverse charge accounting – A reminder to businesses that the temporary zero-rate for emissions allowances was replaced by the reverse charge accounting mechanism at the standard-rate on 1 November 2010.
- Filing VAT returns online – A reminder that almose all VAT registered businesses with a turnover exceeding £100,000 and all newly VAT registered businesses are required to file VAT returns and make payments online (since April 2010). Businesses that have not yet registered should ensure they do so as soon as possible.
- VAT publications – The VAT notes also include a useful list of new and revised VAT publications.