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Back on 20 March the UK’s Chancellor made a statement announcing the delay on payment of VAT returns between the period of 20 March and 30 June 2020 to all VAT registered businesses. Guidance on the postponement of payments, exemptions and confirmation that the deferral
Below is an extract from the HMRC email being sent today: We understand that the impact of COVID-19 is creating extremely difficult times for all, and we are committed to helping in every way possible all those businesses facing unprecedented challenges. Therefore, we are providing
A hearing held on 3rd March 2020 considered the U.S. Supreme Court’s decision of South Dakota v. Wayfair, Inc. and how it has impacted small businesses over the past two years. The hearing was held by the U.S. House of Representatives’ Committee on Small Business, Subcommittee on
The UK Government’s department responsible for the collection of taxes, has published its preliminary estimate of the VAT Gap for 2018-2019. According to the HMRC, ‘The ‘VAT gap’ is the difference between the VAT theoretical liability, estimated using national accounts data, and actual cash receipts.’
HMRC have recently updated the domestic reverse charge procedure, specifically, the reverse charge sales list (RCSL). Some VAT-registered businesses will be required to submit updated RCSL’s by Friday 20th August 2020 or else be liable to penalties. Penalties are calculated daily for a maximum of
As of 1st January 2020, it is likely that Nigeria will see an increase in the Value Added Tax (VAT) they pay as standard. New proposals from the Nigerian government would see VAT rise from 5% to 7.5% in the new year, however this needs
Thomas Vanhee is the Founding Partner at Aurifer, a boutique tax advisory firm established in Dubai, and respected author for several international publications and tax technical magazines. Regarded as the authority for indirect tax law within the Middle East, Thomas is also an esteemed lecturer
In most cases, if you are a UK based firm, you will need to get Fiscal Representation – a what? So, lets assume that Brexit will indeed go ahead regardless of the numerous attempts to sabotage the vote to leave and that there will be no
