Search results
Results from the WOW.Com Content Network
an accounting date of the company or, if there is a period for which the company does not draw up accounts, the end of that period; the company beginning or ceasing to trade or to be, in respect of the trade or (if more than one) of all trades carried on by it, within the charge to corporation tax; the company beginning or ceasing to be UK ...
They do not have to pay VAT, as imports from the EU are not subject to VAT in the UK. The fraud occurs when the criminals sell the goods with VAT in the UK but fail to pass the VAT to HMRC. [49] The goods are often repeatedly shipped around EU countries by criminal gang networks, hence the "carousel" name. [50]
Text of the Value Added Tax Act 1994 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. The Value Added Tax Act 1994 ( c. 23 ) is a UK tax law , concerning taxation of goods and services that fall within the scope of Value Added Tax (VAT). [ 1 ]
EU VAT Tax Rates. The European Union value-added tax (or EU VAT) is a value added tax on goods and services within the European Union (EU). The EU's institutions do not collect the tax, but EU member states are each required to adopt in national legislation a value added tax that complies with the EU VAT code.
The VAT Information Exchange System (VIES) is an electronic means of transmitting information relating to VAT registration (i.e., validity of VAT numbers) of companies registered in the European Union. EU law requires that, where goods or services are procured within the EU by a VAT taxpayer, VAT must be paid only in the member state where the ...
From 1 January 2020, the valid VAT number of the customer is a material requirement to be able to apply the zero VAT rate for intra-Community supplies of goods in the EU. If the customer’s VAT number is not valid, 0% VAT rate cannot be applied. Companies must make sure that the VAT numbers of their customers are checked. [4]
The UK government introduced the Insurance Premium Tax to raise revenue from the insurance sector, which was viewed as being under-taxed, and not subject to Value Added Tax. [2] The main EU legislation regarding VAT (Council Directive 2006/112/EC) states that insurance and reinsurance transactions, including related services performed by ...
UK residential property. A sale of UK residential property on or after 6 April 2020 must be reported, and any CGT paid, within: 60 days of selling the property if the completion date was on or after 27 October 2021, 30 days of selling the property if the completion date was between 6 April 2020 and 26 October 2021.