Due to holiday commitments we were unable to publish a newsletter for July or August
so here is a BUMPER summer holidays edition! We hope you have all returned to
work refreshed and raring to go!
Have you got Clients who have exceeded the VAT registration thresholds (past or
present) and who haven't told Customs? If so, time is running out. The amnesty
announced in the Budget enabling businesses to 'come clean' and register for VAT
without penalty ends at the end of September.
Golf Clubs
There has recently been a number of Tribunal cases involving golf clubs which
have raised some important issues in relation to the recovery of VAT on purchases
and expenditure. If you need further information please contact Simone on 0121
778 4299 before your Client is caught out.
Partially Exempt Clients
Remember your partially exempt Clients VAT year ends for 2003 will have now
ended - are they (or have they) completed the annual adjustments required under
the partial exemption rules?
All Clients affected by Bad Debts
The new rules in connection with VAT Bad Debt Relief come into effect for VAT
Returns ending 31.07.03 onwards. Are you and your Clients aware of the changes -
if not give us a call.
Retailers
Changes have been announced to the retail export scheme - if you have Clients
who use this, do they know about the changes?
EC Sales Lists - beware if your Clients are not submitting these!
A recent Tribunal upheld a penalty raised by Customs in relation to a business
who did not submit their EC Sales List. Are your Clients aware of their responsibilities
in this area?
Are you still using the National Advice Line or written enquiries?
Yes it is free but can you be certain that the VAT advice is correct and have
you asked the right question anyway? If you still use this service please read
the new VAT leaflet 700/6 called 'VAT Rulings' which has recently been reinstated
by Customs. This will at least give you an insight of what Customs consider to
be a binding ruling.
A one stop 'shop' for EU VAT Compliance?
The consultation on whether a single place of compliance should be allowed
for traders doing business across the EU will now continue until 31.12.03.
Export Clients dealing with new EC Member States
The VAT identification numbers for the new EC Member States have been released
- any Clients dealing with the new States will find this useful. Please call if
you would like a copy.
Option to Tax
Please note all option to tax applications should now go to Glasgow VAT Office
as this process has now been centralised.
VAT Generally
You may remember that back in late 2002, Customs announced their 'VAT Compliance
Strategy'. Following on from this, Customs have now announced the 'VAT anti-avoidance
visiting programme', designed to highlight those businesses who have planned their
VAT a little too efficiently!
If you require further information please contact us on 0121 778 4299.
This newsletter is designed to keep readers abreast of current developments. No
liability is accepted for errors, omissions or opinions it contains or for any
reliance placed on this newsletter.
