In preparation for MTD, Fiscal Solutions will release its very own HMRC approved MTD compliant bridging solution at the beginning of 2019. This cloud-based solution is easy to use, competitively priced and will enable businesses to meet the demands of MTD in order to submit their UK VAT returns after the potential April 2019 deadline…. Read More
According to figures released by HMRC, an estimated £13.3 billion in UK VAT revenue was lost due to non-compliance or non-collection during the year 2017/18. When compared with the same figures from 2016/17 this shows an increase of £1.3 billion. The main factors contributing to were insolvencies, bankruptcies, fraud, administrative errors and legal tax optimisation.
During November 2018, the UK government released details of a withdrawal agreement setting out the terms of its exit from the EU in March 2019. This agreement has also now been agreed by the other 27 EU member states governments. The agreement includes the previously stated 19-month transition period for VAT purposes, which means that… Read More
The UK tax authority (HMRC) recently announced an extension to the Making Tax Digital (MTD) implementation deadline for “complex organisations” to October 2019. A full list of the complex organisations affected can be found here and includes Trusts, VAT Groups and some not-for-profit organisations and importantly “traders based overseas”. As stated in our previous article,… Read More
During October 2018, the European Council agreed a proposal allowing member states to apply reduced, super-reduced or zero VAT rates to electronic publications. This rule change will allow member states to align VAT rates applied to both electronic and physical publications at their own discretion. This is a temporary fix until the EU implements a… Read More
HMRC have published a guidance notice entitled ‘Existing free trade agreements if there’s no Brexit deal’, the full notice can be found here. In the event of a no deal Brexit, this publication explains how the Government will seek to preserve the terms on which UK businesses will import goods from non-EU countries after March… Read More
During October 2018 and in an effort to prevent VAT fraud, the European Council agreed a proposal that will allow EU member states most severely affected by VAT fraud to make temporary exemptions from normal VAT rules until July 2022. The proposed exemptions will allow member states heavily affected by fraud to apply a GTRC… Read More
The Italian tax authorities have announced an extension to the reporting deadline for the submission of electronic invoices, which will apply when they introduce the new real-time invoice-reporting requirement next year. This extension will last until July 2019 and will allow affected businesses to submit their invoices to the tax authorities by the 15th of… Read More
From 1 July 2019, Norway have reduced the VAT rate applicable on electronic publications to the zero rate. Previously digital publications were subject to the standard rate of VAT at 25%, even though the printed publications (offering the same reading content) were taxed at the zero rate.
In our July article, we announced that from 1 January 2019 the Polish tax authorities were looking to reduce their standard VAT rate from 23% to 22%. However, the Polish Ministry of Finance have now decided against this reduction and will instead re-categorise many supplies to include them in the reduced 8% VAT rate category.