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If you are a grant funded organisation VAT can be a very confusing area especially as grants now commonly come with a range of conditions to be met akin to a contract. This can make determining if VAT is due on the funding quite difficult. However, it has generally been accepted that subsidies are outside the scope of VAT.
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It can be difficult to write about Brexit as there seems to be a Brexit fatigue syndrome creeping in, however, the deal announced on 17 October 2019 between the UK Government and the EU certainly made for interesting reading.
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HMRC are extending the soft-landing period for businesses that can evidence that it is not practical for them to implement digital links across their accounting systems prior to the relevant deadline.
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The VAT People and its sister company The Customs People are presently assisting a number of businesses based in the UK, EU and outside the EU to ensure that they are ready to continue to trade if the United Kingdom leaves the EU on 31 October 2019.
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If your client or your business is based outside and sells goods stored in the UK to UK consumers through an on-line marketplace, the business will be required to register for VAT when it commences to trade in the UK (as overseas businesses to not have the benefit of waiting until their sales exceed the VAT registration threshold).
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The EU has released their latest guidance covering the new rules in relation to online marketplaces being responsible for VAT on the sale of goods.
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VAT is supposed to be a simple self-assessing tax, however for any business, getting VAT right represents a substantial and often onerous burden. This is particularly the case for any business or organisation that receives VAT exempt income as well as VATable income.
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The reverse charge for construction and building services that was announced in the 2018 budget and due to come into force on 1 October 2019 has been delayed until 1 October 2020. This is a surprise move by HMRC as it came so late in the day, but it is to be welcomed given that many businesses are already struggling to cope with the potential impact of Brexit and MTD.
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