VAT Invoices - A Full Guide
|
|
- Robert Sharp
- 5 years ago
- Views:
Transcription
1 VAT Invoices - A Full Guide OBLIGATION TO PROVIDE A VAT INVOICE With certain exceptions or unless HMRC allow otherwise, a registered person must provide the customer with an invoice showing specified particulars including VAT (a VAT invoice ) in the following circumstances. (a) He makes a supply of goods or services in the UK (other than an exempt supply) to a taxable person. (b) With effect from 1 October 2007, he makes a supply of goods or services to a person in another EC country for the purposes of any business activity carried on by that person. But no invoice is required where the supply is an exempt supply which is made to a person in another EC country which does not require an invoice to be issued for the supply. (Because practice varies widely across the EC, HMRC guidance is that businesses should be guided by their customers as to whether invoices are required for exempt supplies.) Before 1 October 2007, he made a supply of goods or services (other than an exempt supply) to a person in another EC country. (c) He receives a payment on account from a person in another EC country in respect of a supply he has made or intends to make. A VAT invoice is important as it is normally essential evidence to support a customer s claim for deduction of input tax. The supplier must keep the copy and the original should be retained by the recipient. Exceptions. The above provisions do not apply to the following supplies. Zero-rated supplies (other than supplies for acquisition by a person registered in another EC country, see (b) above). Supplies where the VAT charged is excluded from credit under VATA 1994, s 25(7) (eg business entertaining and certain motor cars) although a VAT invoice may be issued in such cases. Supplies on which VAT is charged but which are not made for a consideration. This includes gifts and private use of goods. Sales of second-hand goods under one of the special schemes. Invoices for such sales must not show any VAT.. Supplies that fall within the TOUR OPERATORS MARGIN SCHEME (TOMS). VAT invoices must not be issued for such supplies. Supplies where the customer operates a self-billing arrangement. Supplies by retailers unless the customer requests a VAT invoice.
2 Supplies by one member to another in the same VAT group. Transactions between one division and another of a company registered in the names of its divisions.. Supplies where the taxable person is entitled to issue, and does issue, invoices relating to services performed in fiscal and other warehousing regimes. DOCUMENTS TREATED AS VAT INVOICES Although not strictly VAT invoices, certain documents listed below are treated as VAT invoices either under the legislation or by HMRC. (1) Self-billing invoices Self-billing is an arrangement between a supplier and a customer in which the customer prepares the supplier s invoice and forwards it to him, normally with the payment. (2) Sales by auctioneer, bailiff, etc. Where goods (including land) forming part of the assets of a business carried on by a taxable person are, under any power exercisable by another person, sold by that person in or towards satisfaction of a debt owed by the taxable person, the goods are deemed to be supplied by the taxable person in the course or furtherance of his business. The particulars of the VAT chargeable on the supply must be provided on a sale by auction by the auctioneer and where the sale is otherwise than by auction by the person selling the goods. The document issued to the buyer is treated as a VAT invoice. (3) Authenticated receipts in the construction industry. (4) Business gifts Where a business makes a gift of goods on which VAT is due, and the recipient uses the goods for business purposes, that person can recover the VAT as input tax (subject to the normal rules). The donor cannot issue a VAT invoice (because there is no consideration) but instead may provide the recipient with a tax certificate which can be used as evidence to support a deduction of input tax. The tax certificate may be on normal invoicing documentation overwritten with the statement: Tax certificate No payment is necessary for these goods. Output tax has been accounted for on the supply. Full details of the goods must be shown on the documentation and the amount of VAT shown must be the amount of output tax accounted for to HMRC. INVOICING REQUIREMENTS AND PARTICULARS A VAT invoice must contain certain basic information.. VAT invoices generally Unless HMRC allow otherwise, a VAT invoice must show the following particulars. (a) With effect from 1 October 2007, a sequential number based on one or more series which uniquely identifies the document. The invoice number can be numerical, or it can be a combination of numbers and letters, as long as it forms part of a unique and sequential series. Where there is a break in the series, eg; where an invoice is cancelled or spoiled and never issued to a customer, this is still acceptable as long as the relevant invoice is retained.
3 Before 1 October 2007, it was only necessary for an invoice to have an identifying number. (b) The time of the supply, ie tax point. (c) The date of issue of the document. (d) The name, address and registration number of the supplier. (e) The name and address of the person to whom the goods or services are supplied. (f) A description sufficient to identify the goods or services supplied. (g) For each description, the quantity of the goods or extent of the services, the rate of VAT and amount payable, excluding VAT, expressed in any currency. (h) The unit price. This applies to countable goods and services. For services, the countable element might be, for example, an hourly rate or a price paid for standard services. If the supply cannot be broken down into countable elements, the total VAT-exclusive price is the unit price. (i) The gross amount payable, excluding VAT, expressed in any currency. (j) The rate of any cash discount offered. (k) The total amount of VAT chargeable expressed in sterling. (l) With effect from 1 October 2007, where the margin scheme for SECOND-HAND GOODS or the TOMS is applied, either a reference to the appropriate provision of EC Council Directive 2006/112/EC or the corresponding provision of VATA 1994 or any indication that the margin scheme has been applied. This is a second-hand margin scheme supply/this invoice is for a second-hand margin scheme supply. This is a Tour Operators Margin Scheme supply/this supply falls under the Value Added Tax (Tour Operators) Order The requirement only applies to TOMS invoices in business to business transactions. (m) With effect from 1 October 2007, where a VAT invoice relates in whole or in part to a supply where the person supplied is liable to pay the VAT, either a reference to the appropriate provision of EC Council Directive 2006/112/EC or the corresponding provision of VATA 1994 or any indication that the supply is one where the customer is liable to pay the VAT. This covers UK supplies where the customer accounts for the VAT (eg under the gold scheme or any reverse charge requirement under the missing trader intra-community rules). The way in which margin scheme treatment is referenced on an invoice is a matter for the business and not HMRC but examples of acceptable indications include Reverse charge supply. This supply is subject to the reverse charge. Before 1 October 2007, the supplier had to state the fact that the supply was a reverse charge supply, and the amount of the VAT due, on the VAT invoice. Exempt or zero-rated supplies. Invoices do not have to be raised for exempt or zero-rated transactions when supplied in the UK. But if such supplies are included on invoices with taxable
4 supplies, the exempt and zero-rated supplies must be totalled separately and the invoice must show clearly that there is no VAT payable on them. Leasing of motor cars. Where an invoice relates wholly or partly to the letting on hire of a motor car other than for self-drive, the invoice must state whether the car is a qualifying vehicle VAT invoices to persons in other EC countries Unless HMRC allow otherwise, where a registered person provides a person in another EC country with a VAT invoice or, any document that refers to a VAT invoice and is intended to amend it (eg a credit note) it must show the following particulars. (a) With effect from 1 October 2007, a sequential number based on one or more series which uniquely identifies the document. Before 1 October 2007, it was only necessary for an invoice to have an identifying number. (b) The time of the supply, ie tax point. (c) The date of issue of the document. (d) The name, address and registration number of the supplier. The letters GB must be shown as a prefix to the registration number. (e) The name and address of the person to whom the goods or services are supplied. (f) The registration number, if any, of the recipient of the supply of goods or services containing the alphabetical code of the EC country in which the recipient is registered (g) A description sufficient to identify the goods or services supplied. Where the supply is of a new means of transport a description sufficient to identify it as such. (h) For each description, the quantity of the goods or the extent of the services, and where a positive rate of VAT is chargeable, the rate of VAT and the amount payable, excluding VAT, expressed in sterling. (i) The unit price. (j) The gross amount payable, excluding VAT. (k) The rate of any cash discount offered. (l) Where the supply of goods is a taxable supply, the total amount of VAT chargeable expressed in sterling. (m) With effect from 1 October 2007, where the margin scheme for SECOND-HAND GOODS or TOMS is applied, either a reference to the appropriate provision of EC Council Directive 2006/112/EC or the corresponding provision of VATA 1994 or any indication that the margin scheme has been applied. This is a second-hand margin scheme supply/this invoice is for a second-hand margin scheme supply. This is a Tour Operators Margin Scheme supply/this supply falls under the Value Added Tax (Tour Operators) Order 1987.
5 The requirement only applies to TOMS invoices in business to business transactions. (n) With effect from 1 October 2007, where a VAT invoice relates in whole or in part to a supply where the person supplied is liable to pay the VAT, either a reference to the appropriate provision of EC Council Directive 2006/112/EC or the corresponding provision of VATA 1994 or any indication that the supply is one where the customer is liable to pay the VAT. Reverse charge supply/this supply is subject to the reverse charge. Subject to reverse charge in the country of receipt/subject to reverse charge in another Member State. This is a UK exempt supply which may be chargeable in the country of receipt/this is a UK exempt supply which may be chargeable in another Member State. Before 1 October 2007, the supplier had to state the fact that the supply was a reverse charge supply, and the amount of the VAT due, on the VAT invoice. (o) With effect from 1 October 2007, where the supply is an exempt or zero-rated supply, either a reference to the appropriate provision of EC Council Directive 2006/112/EC or the corresponding provision of VATA 1994 or any indication that the supply is exempt or zero-rated as appropriate. For these purposes, an exempt supply is a supply that, if made in the UK, would be exempt under VATA 1994, Sch 9. The way in which the intra-ec exempt or zero-rated treatment is referenced on an invoice is a matter for the business and not for HMRC, but examples of acceptable indications include Exempt supply/exempt supply for VAT purposes/this is an exempt supply. Zero-rated intra-ec supply/this is an intra-community supply/intra-community supply subject to VAT in the country of acquisition.
Broking breakfast briefing
Broking breakfast briefing VAT for broker accounts staff 18 June 2010 VAT for broker accounts staff Introduction to VAT basic principles Partial exemption Group registration The liability of insurance
More informationGLOBAL INDIRECT TAX. Malta. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Malta Country VAT/GST Essentials kpmg.com TAX b Malta: Country VAT/GST Essentials Malta: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2 What
More informationReferences: Council Directive 2006/112/EC, art 90 In the UK, refunds and downward adjustments are dealt with under the rules on credit notes.
Page 1 VAT bad debt relief Produced in partnership with Etienne Wong of Old Square Tax Chambers This Practice Note outlines how a taxable person who has accounted for and paid VAT on a supply, but who
More informationCHAPTER 1 VAT GENERAL PRINCIPLES
CHAPTER 1 VAT GENERAL PRINCIPLES 1.1 VAT legislation and interpretation Value added tax (VAT) was introduced in the UK on 1 April 1973 by the Finance Act 1972. Successive Finance Acts have made amendments
More informationIt makes sense to be aware of some of the more common pitfalls, and to know where to get help and advice.
Guide from Clear House Accountants Tel: [+44(0)2071172639] Email: [info@chacc.co.uk] [https://chacc.co.uk] [Business Advisors and Accountants in London] Common VAT problems Once you understand the basics,
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, January 2012 TAXUD/C/1 VAT in the European Community APPLICATION
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes VAT in the European Community APPLICATION IN THE MEMBER STATES,
More information2016/17 GUIDE TO... Value Added Tax. Chartered Accountants Registered Auditors FOR ELECTRONIC USE ONLY
2016/17 GUIDE TO... Value Added Tax Chartered Accountants Registered Auditors 020 8731 0777 www.cohenarnold.com FOR ELECTRONIC USE ONLY YOUR GUIDE TO Value Added Tax Value Added Tax (VAT) is a tax chargeable
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON REPOSSESSION
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON REPOSSESSION TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF THE INDUSTRY... 1 SUPPLY CHAIN
More informationSTATUTORY INSTRUMENTS. S.I. No. 639 of 2010 VALUE-ADDED TAX REGULATIONS 2010
STATUTORY INSTRUMENTS. S.I. No. 639 of 2010 VALUE-ADDED TAX REGULATIONS 2010 (Prn. A10/1928) 2 [639] S.I. No. 639 of 2010 VALUE-ADDED TAX REGULATIONS 2010 1. Citation and commencement 2. Interpretation
More informationTHE TRAINING PLACE OF EXCELLENCE Indirect Tax Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Indirect Tax Practice Assessment: Questions Task 1 (a) Are the following statements true or false? You are to tick the box which applies. A B C D All businesses must register
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, October 2010 TAXUD/C/1 VAT in the European Community APPLICATION
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes VAT in the European Community APPLICATION IN THE MEMBER STATES,
More informationGLOBAL INDIRECT TAX. Lithuania. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Lithuania Country VAT/GST Essentials kpmg.com TAX b Lithuania: Country VAT/GST Essentials Lithuania: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to
More informationAccounting Qualification
Accounting Qualification Indirect Tax (IDRX) Reference material Finance Act 2016 for assessment 1 January 31 December 2018 The Association of Accounting Technicians Copyright 2016 AAT All rights reserved.
More informationGOODS AND SERVICES TAX (JERSEY) REGULATIONS 2007
GOODS AND SERVICES TAX (JERSEY) REGULATIONS 2007 Revised Edition Showing the law as at 1 January 2016 This is a revised edition of the law Goods and Services Tax (Jersey) Regulations 2007 Arrangement
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, INFORMATION FOR USE BY: ADMINISTRATIONS/TRADERS INFORMATION NETWORKS, ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, October 2010 TAXUD/C/1 VAT in the European Community APPLICATION
More informationAnna Harasimowicz City of Poznan HOUSING PARTNERSHIP PROPOSAL FOR RECOMMENDATION ON VAT
Anna Harasimowicz City of Poznan HOUSING PARTNERSHIP PROPOSAL FOR RECOMMENDATION ON VAT VAT PRINCIPLES (1) VAT is a tax on turnover and is added at every stage of manufacture or process, based on the value
More informationYEAR-END TAX GUIDE 2015/16
YEAR-END TAX GUIDE 2015/16 Magee Gammon Henwood House Henwood Ashford Kent TN24 8DH mg@mageegammon.com 01233 630000 www.mageegammon.com YEAR-END TAX GUIDE 2015/16 CONTENTS PERSONAL TAX AND ALLOWANCES INCOME
More information1.2 What law applies to this notice?
Foreword This notice cancels and replaces Notice 723A (October 2011). 1. Introduction 1.1 What is this notice about? This notice explains the schemes for claiming a refund of VAT incurred in: Either European
More informationDOTAS: VAT. Etienne Wong Old Square Tax Chambers
DOTAS: VAT Etienne Wong Old Square Tax Chambers Draft Legislation Finance Bill 2017 clause 66 & schedule 17 Published on 8 September 2017 Indirect Taxes (Notifiable Arrangements) Regulations 2017 Published
More informationPenalty regime Trade with EU VAT Advice helpline: Adrian Houstoun Gail Pitchley Geraint Lewis
VAT Facts 2013/14 Registration Standard rate = 20% from 4 January 2011 Registration threshold from 1 April 2013: 79,000 Deregistration threshold from 1 April 2013: 77,000 VAT rates and types of supply
More informationSection 56 Zero-Rating of Goods and Services
Section 56 Zero-Rating of Goods and Services This document should be read in conjunction with section 56 of the VAT Consolidation Act 2010 (VATCA 2010) Document last reviewed May 2017 Table of Contents
More informationAccounting Qualification. Indirect Tax (Level 3) Reference material
Accounting Qualification Indirect Tax (Level 3) Reference material The Association of Accounting Technicians December 2010 Reference material for AAT assessment of Indirect Tax Introduction This document
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination November 2011 Module A VAT including Stamp Taxes Awareness Paper Answers with marks 1 Question 1 Lorry: August 2010 VAT rate 17.5% therefore VAT incurred = 1750. VAT
More informationApplication of the reverse charge for VAT for services in the field of construction. Sami Salihu acting Director of Taxpayers Service and Education
Application of the reverse charge for VAT for services in the field of construction Sami Salihu acting Director of Taxpayers Service and Education May, 2016 1 Legal Basis Pursuant to Article 52, paragraph
More informationGLOBAL INDIRECT TAX. Sweden. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Sweden Country VAT/GST Essentials kpmg.com TAX b Sweden: Country VAT/GST Essentials Sweden: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2
More informationSection A. 1 D All other statements are FALSE about tax evasion 2 B 21,400 (20, ,000) 3 A 49,050 (50, ) 4 B 31,250
Answers Applied Skills, TX CYP Taxation Cyprus (TX CYP) December 208 Answers and Marking Scheme Section A D All other statements are FALSE about tax evasion 2 B 2,400 (20,400 +,000) 3 A 49,050 (50,000
More informationChapter 16 Indirect Taxation
Chapter 16 Indirect Taxation www.pwc.com/mt/doingbusiness Doing Business in Malta INDIRECT TAXES IN MALTA Value added tax (VAT) is charged on supplies of goods and services made in Malta, on intra-community
More informationMalta 13 th Directive (86/560/EEC) VAT refunds
Malta 13 th Directive (86/560/EEC) VAT refunds I. RECIPROCITY AGREEMENTS Article 2(2) 1. Does your country have any reciprocity agreements? No. 2. If yes, what countries are included in the reciprocity
More informationSupplies. Scope. Registration - is it necessary? Inputs and outputs. Taxable person.
VAT VAT VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes VAT in the European Community APPLICATION IN THE MEMBER STATES,
More informationSouth Africa: VAT essentials
South Africa: VAT essentials Essential information regarding VAT as it applies in South Africa. Scope and Rates Registration VAT grouping Returns VAT recovery International Supplies of Goods and Services
More informationPaper FTX (UK) Foundations in Taxation (United Kingdom) FOUNDATIONS IN ACCOUNTANCY. Pilot Paper. The Association of Chartered Certified Accountants
FOUNDATIONS IN ACCOUNTANCY Foundations in Taxation (United Kingdom) Pilot Paper Time allowed: Writing: 2 hours This paper is divided into two sections: Section A ALL TEN questions are compulsory and MUST
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC...
VAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC... Note This document collates a range of basic information on the application
More informationFINANCE ACT 2015 VALUE-ADDED TAX NOTES FOR GUIDANCE
FINANCE ACT 2015 VALUE-ADDED TAX NOTES FOR GUIDANCE Issued by VAT Policy and Legislation Branch, 22 December 2015 51. Interpretation (Part 3) This section defines the Principal Act as the Value-Added Tax
More informationYEAR-END TAX GUIDE 2013/14. A short guide to rates, reliefs and allowances available for use by 5 April 2014
YEAR-END TAX GUIDE 2013/14 A short guide to rates, reliefs and allowances available for use by 5 April 2014 Sanders Geeson 19 King Street The Civic Quarter Wakefield WF1 2SQ jan@sandersgeeson.co.uk 01924
More informationTransitional Guide CHANGE OF VAT RATE TO 15 PER CENT (15%) Value Added Tax
CHANGE OF VAT RATE TO 15 PER CENT (15%) Transitional Guide Value Added Tax This guide provides explanation on the VAT legislation amendments in regard to the VAT rate increase to 15% from 1 January 2017.
More information1. In this Act "the Principal Act" means the Value-Added Tax Act, Section 1 of the Principal Act is hereby amended by
VALUE-ADDED TAX (AMENDMENT) ACT 1978 VALUE-ADDED TAX (AMENDMENT) ACT 1978 - LONG TITLE AN ACT TO AMEND THE VALUE-ADDED TAX ACT, 1972, AND THE ACTS AMENDING THAT ACT AND TO PROVIDE FOR RELATED MATTERS.
More informationVAT Seven Key Points for the Smaller Business
VAT Seven Key Points for the Smaller Business This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute
More informationPublished on Taxation and customs union (https://ec.europa.eu/taxation_customs/business/vat/telecommunications-broadcasting-electronic-services)
Published on Taxation and customs union (https://ec.europa.eu/taxation_customs/business/vat/telecommunications-broadcasting-electronic-services) Slovenia-2018-03-28 Groups audience: Slovenia [1] Validity
More informationFundamentals Level Skills Module, Paper F6 (MWI)
Answers Fundamentals Level Skills Module, Paper F6 (MWI) Taxation (Malawi) June 203 Answers and Marking Scheme Marks (a) Calculation of capital gain or losses for the year ended 3 December 202 Office building
More informationValue Added Tax (VAT) Explained
Value Added Tax (VAT) Explained What is it? It is Tax that is levied on goods and services provided by VAT registered businesses in the United Kingdom, to other VAT registered business and/or general public
More informationValue Added Tax. Transition provisions/change management. 16 December 2017
Value Added Tax Transition provisions/change management 16 December 2017 Agenda Time of supply Transition provisions Goods/services Impact commercial leases/construction contracts Contract concluded prior
More informationThis tax guide provides you with a basic introduction. We would be happy to provide any further clarification or advice you require.
VAT The basics Introduction VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the Value Added Tax (VAT) they collect. The VAT system
More information10858/10 CHA/NC/hc DG G I
COUNCIL OF THE EUROPEAN UNION Brussels, 23 June 2010 (OR. en) 10858/10 Interinstitutional File: 2009/0009 (CNS) FISC 60 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: COUNCIL DIRECTIVE amending Directive
More informationMay 2017 Examination
May 2017 Examination PAPER 6 VAT TIME ALLOWED 3 ¼ HOURS (for Part I and Part II) You are required to answer all questions in each part (both parts printed together). The first 15 minutes is designated
More informationVAT CONCEPT AND ITS APPLICATION IN GST
CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system
More informationCONSOLIDATED TO 1 DECEMBER 2014 LAWS OF SEYCHELLES
CONSOLIDATED TO 1 DECEMBER 2014 LAWS OF SEYCHELLES VALUE ADDED TAX ACT [1st January, 2013] Act 35of 2010 Act 3 of 2012 Act 13 of 2012 S.I. 62 of 2012 S.I. 65 of 2012 S.I. 33 of 2013 S.I. 34 of 2013 S.I.
More informationVAT Part 1. LEADER IN NURTURING CHARTERED ACCOUNTANTS Prepared By: Zvino L Mapetere CA(Z)
VAT Part 1 2 LEARNING OUTCOMES To understand the basic principle behind VAT To understand the section 6 and the driving principles in the levying of VAT. To appreciate deemed supplies To classify the different
More informationPartial recovery of VAT on qualifying passenger motor
Partial recovery of VAT on qualifying passenger motor vehicles This document should be read in conjunction with sections 59(2)(d), 60, 61 and 62 of the VAT Consolidation Act 2010 (VATCA 2010) Document
More informationIBFD Course Programme Global VAT
IBFD Course Programme Summary This four-day intermediate-level course on global VAT/GST offers participants the opportunity to gain a basic understanding of the principles of VAT and GST around the globe.
More informationFundamentals Level Skills Module, Paper F6 (IRL)
Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) 1 Marie and Sean December 2014 Answers and Marking Scheme Marks (a) Marie s taxable lump sum on the termination of her employment
More informationHaving regard to the Treaty establishing the European Community, and in particular Article 93 thereof,
L 15/24 COUNCIL DIRECTIVE 2001/115/EC of 20 December 2001 amending Directive 77/388/EEC with a view to simplifying, modernising and harmonising the conditions laid down for invoicing in respect of value
More informationBASIC INFORMATION REGARDING VALUE ADDED TAX (VAT) IN UAE
BASIC INFORMATION REGARDING VALUE ADDED TAX (VAT) IN UAE Important Note: The intention of this document is to provide a general information on VAT law s in UAE. You should refer the VAT law issued by the
More informationVAT overpayments and under-deductions
Page 1 VAT overpayments and under-deductions Produced in partnership with Etienne Wong of Old Square Tax Chambers STOP PRESS: The Supreme Court is due to hear HMRC's appeal against the Court of Appeal's
More informationIntegrated text of Council Directive 2006/112/EC on the common system of value added tax
Integrated text of Council Directive 2006/112/EC on the common system of value added tax Title I Subject Matter and Scope Article 1 [Subject] 1. This Directive establishes the common system of value added
More informationCross-border VAT changes January changes to EC Sales Lists (ESLs) HMRC guidance
Cross-border VAT changes 2010 1 January changes to EC Sales Lists (ESLs) HMRC guidance Introduction This HMRC guidance document sets out how the new regime and procedures for ESLs (or recapitulative statements
More informationStock in trade. What is the issue? What does this mean to me? What can I take away? 1 July 2017
Stock in trade 1 July 2017 Carrie Hendrickson considers the challenges involved with trading goods with the EU post-brexit What is the issue? VAT and Customs duty rules differ depending on whether UK businesses
More information12033/18 EVI/JP/fh ECOMP.2.B
Council of the European Union Brussels, 24 September 2018 (OR. en) Interinstitutional File: 2018/0150 (CNS) 12033/18 FISC 351 ECOFIN 813 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: COUNCIL DIRECTIVE
More informationCHAPTER 24 GIFT RELIEF FURTHER ASPECTS AND EXCHANGES OF ASSETS
CHAPTER 24 GIFT RELIEF FURTHER ASPECTS AND EXCHANGES OF ASSETS In this chapter you will cover some further aspects of gift relief and the rules in relation to exchanges of assets including: residence status
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, October 2010 TAXUD/C/1 VAT in the European Community APPLICATION
More informationVAT on Bitcoins 2013 & cryptographic currencies
VAT on Bitcoins 2013 & cryptographic currencies VAT on Bitcoins 2013 & cryptographic currencies Contents Section 1) Summary 2 Section 2) How are Bitcoins defined for VAT purposes 3 Section 3) Implications
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2010 VAT on UK Domestic Transactions (including SDLT) Advisory Paper Suggested answers without marks 1 Question 1 ANTI-FORESTALLING/ s.88 & Sch 3 FA 2009 [15 marks]
More informationAs you are no doubt aware the standard rate of VAT is set to revert to 17.5% from 15% on 1 January 2010.
Return of the standard rate of VAT to 17.5% As you are no doubt aware the standard rate of VAT is set to revert to 17.5% from 15% on 1 January 2010. This briefing sets out the key issues for businesses
More informationConcept of Supply DILIP PHADKE. Chartered Accountant
Concept of Supply DILIP PHADKE Chartered Accountant Introduction Determining the nature of transaction to be taxed under GST 3 aspects needs to understood Whether supply in question is of Goods or Services?
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, October 2010 TAXUD/C/1 VAT in the European Community APPLICATION
More information09/05/2018. LEADER IN NURTURING CHARTERED ACCOUNTANTS Prepared By: Zvino L Mapetere CA(Z)
09/05/2018 LEADER IN NURTURING CHARTERED ACCOUNTANTS 2 LEARNING OUTCOMES 1. Determining whether or not VAT should be levied in a transaction s6 2. Classifying supplies for VAT s10 and s11 3. Time of Supply
More informationValue Added Tax ( VAT ) in the UAE
Value Added Tax ( VAT ) in the UAE 2307, LIWA HEIGHTS, JUMEIRAH LAKES TOWERS, P.O. BOX: 43711, DUBAI, U.A.E. 2705, API TOWER, AL BARSHA, P.O. BOX: 43711, DUBAI, U.A.E. M&M AL MENHALI AUDITING IS A MEMBER
More informationTAX GUIDE YEAR-END 2016/17.
YEAR-END TAX GUIDE 2016/17 023 8046 1200 www.hwb-accountants.com admin@hwb-accountants.com HWB is a trading name of Hopper Williams and Bell Limited. Registered to carry on audit work in the UK and regulated
More informationTaxation Northern Ireland. Sample Paper 3 Questions & Suggested Solutions
Taxation Northern Ireland Sample Paper 3 Questions & Suggested Solutions INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY For candidates answering in accordance with the law and practice of the Northern
More informationNovember 2017 Examination
November 2017 Examination PAPER 3 Business Compliance Part I Suggested Answers 1 1. If a supply has been made for which a trader has not been paid then they may claim bad debt relief (a repayment of the
More informationSUGGESTED SOLUTIONS/ ANSWERS SPRING 2017 EXAMINATIONS 1 of 7 BUSINESS TAXATION [G5] GRADUATION LEVEL
+ Question No. 2 SUGGESTED SOLUTIONS/ ANSWERS SPRING 2017 EXAMINATIONS 1 of 7 (a) Association of Persons (AOPs): 05 Association of persons includes a firm, a Hindu undivided family, any artificial juridical
More informationCOMPONENTS OF GST GST. IGST (Interstate and Imports) CGST (Intrastate) SGST (Intrastate)
WHAT IS GST Largest tax reform in the Indirect Taxation regime. PAN Based Registration Levied on supply of goods or services. Supply includes Stock Transfer. Supply being the Taxable Event, the concept
More informationPublic Revenue Department. VAT Awareness Session: Free Zone Companies
VAT Awareness Session: Free Zone Companies 0 Introduction 1 1 Update on current progress Successful roll out of general VAT awareness sessions took place in March - May 2017 Phase 2 of the awareness sessions,
More informationBrussels, 18 March 2010 COUNCIL OF THE EUROPEAN UNION 7614/10. Interinstitutional File: 2009/0009 (CNS) FISC 26
COUNCIL OF THE EUROPEAN UNION Brussels, 18 March 2010 Interinstitutional File: 2009/0009 (CNS) 7614/10 FISC 26 OUTCOME OF PROCEEDINGS of: ECOFIN Council on: 16 March 2010 No. Cion prop.: 5985/09 FISC 13
More information- and - TRIBUNAL: JUDGE GUY BRANNAN JULIAN STAFFORD. Sitting in public at Bedford Square on 28 and 29 April 2014
[14] UKFTT 0744 (TC) TC03863 Appeal number: TC/12/08675 VALUE ADDED TAX hire-purchase agreements whether input tax on repossession costs fully allowable subsequent adjustment to appellant's VAT account
More informationVAT compliance checklist
VAT compliance checklist Name of entity Irish VAT number (if applicable): VAT group remitter name and number (if applicable): Period of review: Checklist completed by: Date: Please supply the following
More informationUNIVERSITY COLLEGE CORK FINANCE OFFICE Office of Research Grants & Contracts VAT Guidelines for Universities Research Contracts
Finance Act 2001 changed the long-standing position with respect to VAT and Universities specifically with regards to their research function. Formerly, almost all of the activities, carried on as part
More informationTAXATION FORMATION 2 EXAMINATION - AUGUST 2012
TAXATION FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer a total of five questions. Questions 1, 2, 3 and 4 are compulsory. You are also required to answer either Question 5 or
More informationTOLLEY S VALUE ADDED TAX
TOLLEY S VALUE ADDED TAX 2013-14 Key changes in VAT To order a copy of Tolley s Value Added Tax 2013-14 visit www.lexisnexis.co.uk or call 0845 3701234 A selection of information has been taken from Tolley
More information1 (a) Chris Value added tax (VAT) liability for September/October 2015 Value VAT VAT
Answers Section B 1 (a) Chris Value added tax (VAT) liability for September/October 215 Value VAT VAT rate amount Output VAT Irish customers (19, + 15,) 25, 23% 47,15 UK customers 3, % Purchases from Germany
More informationVALUE ADDED TAX BAHAMAS VAT AMENDMENTS 2018 & YOUR BUSINESS
VALUE ADDED TAX BAHAMAS VAT AMENDMENTS 2018 & YOUR BUSINESS FUNDAMENTAL CHANGES TO VATA 2014 1) CHANGE IN VAT STANDARD RATE TO 12% @ 1 ST JULY, 2018 2) ELIMINATION OF VAT ON REAL ESTATE TRANSACTIONS (
More informationVALUE ADDED TAX COMMITTEE (ARTICLE 398 OF DIRECTIVE 2006/112/EC) WORKING PAPER NO 899
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration Value added tax taxud.c.1(2016)934742 EN Brussels, 23 February 2016 VALUE ADDED TAX COMMITTEE
More information2017/18 P11D WORKING SHEET CALCULATION OF CAR/VAN BENEFITS CHARGEABLE TO DIRECTOR/ HIGHER PAID EMPLOYEE
2017/18 P11D WORKING SHEET BUSINESS NAME: DIRECTOR / PROPRIETOR NAME PAYE TAX REFERENCE NAME OF EMPLOYEE : NATIONAL INSURANCE NO: CALCULATION OF CAR/VAN BENEFITS CHARGEABLE TO DIRECTOR/ HIGHER PAID EMPLOYEE
More informationVAT Cross Border Changes
VAT Cross Border Changes Kevin Igoe Director Scott Whitmore Tax Consultant VAT - Overview The New General Rule - s7a VATA 1994. Exceptions to the general rule sch 4A VATA 1994. Reverse charge procedure
More informationCHAPTER 1: INTRODUCTION TO GST 1.1 BASICS OF GST What is GST?
CHAPTER 1: INTRODUCTION TO GST 1.1 BASICS OF GST 1.1.1 What is GST? Goods and Services Tax (GST) is a value-added indirect tax at each stage of the supply of goods and services precisely on the amount
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax Administration Value Added Tax VEG N O 057
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax Administration Value Added Tax VAT Expert Group 14 th meeting 19 September 2016 taxud.c.1(2016)5532134 EN Brussels,
More informationCommissioner. The VAT legislation stipulates following ways in which you should account for the tax:
ACCOUNTING FOR VAT After charging VAT, you are required to account for it to the Commissioner. The VAT legislation stipulates following ways in which you should account for the tax: a) Issuing a Tax Invoice
More informationand THE COMMISSIONERS FOR HER MAJESTY S REVENUE AND CUSTOMS Respondents STATEMENT OF CASE
IN THE FIRST-TIER TRIBUNAL TAX CHAMBER Ref: TC/2017/08385 BETWEEN JOLYON MAUGHAM and Appellant THE COMMISSIONERS FOR HER MAJESTY S REVENUE AND CUSTOMS Respondents STATEMENT OF CASE A INTRODUCTION 1. This
More informationWorkshop: VAT Aspects 05 May 2017
05 May 2017 The better the question. The better the answer. The better the world works. VAT Aspects What to look at? Taxable persons with full VAT deduction right => Potential risks mainly on output VAT
More informationCapital gains tax for business owners
Capital gains tax for business owners Introduction The capital gains tax (CGT) legislation favours business assets by providing a number of tax reliefs. The one with the widest scope is entrepreneurs relief,
More informationCHAPTER 25 LAND AND BUILDINGS OPTION TO TAX
CHAPTER 25 LAND AND BUILDINGS OPTION TO TAX This chapter looks at a planning point whenever land or a commercial building is supplied as an exempt supply. 25.1 Introduction Exempt supplies of land and
More informationMalaysian GST: Turning Promises into Hard Realities by April March 2014 Host: Robert Tsang Presenter: Kah Seong Fan
Q&A Report Malaysian GST: Turning Promises into Hard Realities by April 2015 27 March 2014 Host: Robert Tsang Presenter: Kah Seong Fan 1. Does the Goods and Services Tax (GST) identification number of
More informationPaper F6 (CYP) Taxation (Cyprus) Tuesday 3 December Fundamentals Level Skills Module. Time allowed
Fundamentals Level Skills Module Taxation (Cyprus) Tuesday 3 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates
More informationFundamentals Level Skills Module, Paper F6 (IRL)
Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) December 2008 Answers 1 (a) Tom Dunne s Case 1 assessments: Applying the normal commencement rules, Tom s income assessable would
More informationVAT Session. International Onshore Advisory Panel. January 2018
VAT Session International Onshore Advisory Panel January 2018 Agenda Part 1 Conceptual Understanding of VAT Part 2 VAT treatment of supplies Part 3 Time of supply Part 4 Compliance requirements Part 5
More informationIs it a Donation? (see the Donation flow chart) Have we supplied goods / services to the other party in return for something (normally money)?
VAT and AR When deciding whether to charge VAT on an invoice, or whether a proportion of the monies you have received are vatable you should follow these basic principles. UImportant! Is it a Donation?
More informationCourt of Justice of the European Communities (including Court of First Instance Decisions)
[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback] Court of Justice of the European Communities (including Court of First Instance Decisions) You are here: BAILII >> Databases >> Court
More informationOpening Balances Process for a business that is VAT registered using the cash scheme
Opening Balances Process for a business that is VAT registered using the cash scheme Correct opening balances are the key to bookkeeping activities. If you do not enter them accurately your accounts will
More information