Subjects:

Taxation, Tax Reference Annuals

Contents:

How VAT works: an outline of the system

Where to find the law

When to register and deregister for VAT

VAT groups

The VAT return

So what must VAT be charge on?

Time of supply - when VAT must be paid

The value of supply rules

So what is reduced-rated?

So what is zero-rated?

So what is exempt?

Is there one supply or two?

What can a business recover input tax on?

What is a valid tax invoice?

Credit notes

Bad debt relief

What records are required?

VAT housekeeping for finance directors

How does a business keep up to date on changes in VAT?

Exports and removal of goods

Imports and acquisitions of goods

EC Sales lists and Intrastat returns

Exports and imports of services

Partial exemption

The Capital Goods Scheme

Property

Recovery of foreign VAT: the 8th and 13th directives

What is a business?

Agency is special

Joint ventures

The Second-hand Goods Scheme

The Retail Schemes

Annual accounting

Cash accounting

The Flat Rate Scheme for Small Businesses

The Flat Rate Farmer's Scheme

The Tour Operator's Margin Scheme

Buying or selling a business

Assessment and VAT penalties

Taking an appeal to the Tribunal

Written in plain English, this book provides an in-depth understanding of the key issues in VAT, highlighting numerous pitfalls and planning points. It refers to the latest legislation, tribunal and court decisions as well as HMRC practice.