Updated VAT notice
HMRC have updated Notice 700 entitled ‘The VAT Guide’. The notice cancels and replaces the previous version published in April 2002 and any subsequent updates. The notice is intended to be HMRC’s main reference guide to VAT and extends to almost 200 pages.
The notice provides:
- A guide to all the main VAT rules and procedures.
- Help with the problems faced by businesses.
- References to more specialised publications.
The notice has been updated to reflect the increase in the standard rate of VAT to 20% which took effect on 4 January 2011. The technical content is largely unchanged from the April 2002 edition which was updated in May 2003 and February 2004.
The notice includes sections on:
- The administration of VAT
- An introduction to VAT
- A general explanation of VAT
- Output tax
- Input tax
- Time of supply
- VAT invoices
- VAT returns