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Latest Value Added Tax News

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Consultation: The new alcohol duty system

HM Treasury has launched a consultation on the new alcohol duty system including overall proposals and some specific points of policy where the government are looking for further input. The consultation closes on 18 November 2022.

28 Oct 2021 00:00 | Published by a Tolley Value Added Tax expert

CIOT response: Scotland's framework for tax and tax policy in relation to the Scottish Budget 2022-23

The Chartered Institute of Taxation (CIOT) and Low Incomes Tax Reform Group (LITRG) have published a response to the Scottish Government's consultation 'Tax Policy and the Budget - a framework for tax'.

27 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

Autumn Budget 2021 summary

A summary of the main tax measures announced at the Autumn Budget on 27 October 2021.

27 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

SI 2021/1165 The Value Added Tax (Distance Selling and Miscellaneous Amendments No. 2) Regulations 2021

These Regulations amend the VATA, as amended by the FA 2021, which implemented two VAT simplified accounting schemes (One Stop Shop ((OSS)) and Import One Stop Shop ((IOSS)). These schemes are part of the EU e-commerce package that the UK implemented from 1 July 2021 as part of the NI Protocol. These Regulations come into force on 1 December 2021 alongside the Value Added Tax (Distance Selling and Miscellaneous Amendments) Regulations 2021, SI 2021/1164.

26 Oct 2021 00:00 | Published by a Tolley Value Added Tax expert

HMRC Stakeholder Digest: 19 October 2021

The Chartered Institute of Taxation (CIOT) has published an HMRC Stakeholder Digest (19 October 2021) providing a round-up of the latest news and updates for members, and their customers and clients.

25 Oct 2021 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes: 25 October 2021

25 October 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

25 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

Update on Finance Bill 2021-22

In a written statement to Parliament, Lucy Frazer MP, financial secretary to the Treasury, has confirmed that the Finance Bill 2021–22 will be published on 4 November 2021.

20 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

Net Zero Review Final Report: Fiscal impact

HM Treasury has published its final report following the Net Zero Review as part of its Net Zero strategy. The report considers, amongst a wide range of other policy issues, the material fiscal consequences of the strategy.

20 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

SI 2021/1156 The Free Zones (Customs, Excise and Value Added Tax) Regulations 2021

These Regulations set out the customs duty, excise duty and VAT rules that will apply for UK free zones. Free zones are special areas for customs purposes which are designated under section 100A of the Customs and Excise Management Act 1979. These Regulations come into force on 8 November 2021.

19 Oct 2021 00:00 | Published by a Tolley Value Added Tax expert

Weekly roundup of HMRC manual changes: 18 October 2021

18 October 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

18 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

Agent update: issue 89

HMRC has published Agent Update issue 89 (October 2021) providing a round-up of recent developments for tax agents and advisers.

14 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

OECD Secretary General: October Tax Report

The OECD has published the secretary-general’s report to the October 2021 meeting of G20 leaders in Italy, covering the Two-Pillar solution to address the tax challenges arising from the digitalisation of the economy, tax policy aspects of climate change, developing countries and the OECD/G20 Inclusive Framework on BEPS, and tax and fiscal policy after the coronavirus (COVID-19) crisis.

14 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

HMRC updated guidance: Goods and services that can be claimed for under the VAT DIY Scheme: manual window blinds and shutters added

HMRC has updated its guidance on claiming a VAT refund for goods under the DIY Housebuilders’ Scheme to add that manual window blinds and shutters are allowable building materials with effect from 5 October 2020.

12 Oct 2021 00:00 | Published by a Tolley Value Added Tax expert

Weekly roundup of HMRC manual changes: 11 October 2021

11 October 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

11 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

HMRC Stakeholder Digest: 5 October 2021

The Chartered Institute of Taxation (CIOT) has published an HMRC Stakeholder Digest (October 2021) providing a round-up of the latest news and updates for members, and their customers and clients.

07 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

VAT notices 709/1, 709/3 and 701/20: Update on VAT for tourism and hospitality

HMRC has updated its various guidance on tourism and hospitality to remind taxpayers that the temporary reduced rate of VAT for tourism and hospitality has been extended.

06 Oct 2021 00:00 | Published by a Tolley Value Added Tax expert

Revenue and Customs Brief 13 (2021): Change in the VAT treatment of the construction self-supply charge

HMRC has published a new VAT Brief which explains HMRC's revised policy on the meaning of ‘entire interest’ in the context of the VAT treatment of the construction self-supply charge.

06 Oct 2021 00:00 | Published by a Tolley Value Added Tax expert

Weekly roundup of HMRC manual changes: 4 October 2021

4 October 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

04 Oct 2021 00:00 | Published by a Tolley Corporation Tax expert

HMRC Customer Engagement and Support Team (CEST) updated information

The CIOT has information from HMRC on its dedicated Customer Engagement and Support Team (CEST) and the support it can offer mid-sized businesses with complex tax issues.

30 Sep 2021 00:00 | Published by a Tolley Corporation Tax expert

Making Tax Digital Update for Agents: September 2021

The Chartered Institute of Taxation (CIOT) has published HMRC’s update for Agents for the month of September in relation to Making Tax Digital (MTD).

28 Sep 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

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Trade or hobby

Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of ‘hobby farming rules’, which historically have stated that a profit must be made every six years. This is known as ‘the five-year rule’, in that there can be five years of losses but there must be a profit

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Foreign exchange issues

Foreign exchange issuesOverview of foreign exchange provisionsForeign exchange (FX) movements are generally taxed following the rules applicable to the underlying income, expenditure, asset or liability on which they arise, broadly as follows:Capital assetsOn a realisation basis (ie on disposal)

14 Jul 2020 11:44 | Produced by Tolley Read more Read more

Bare trusts ― income tax and CGT

Bare trusts ― income tax and CGTThis guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax

14 Jul 2020 15:34 | Produced by Tolley Read more Read more