Domestic reverse charge ― accounting requirements

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides details of the accounting and invoicing requirements that need to be met by businesses who are required to account for VAT using the reverse charge. For details of the specific requirements for the supplies covered by the reverse charge, please see the following guidance notes:

•
Domestic reverse charge ― overview
•
Domestic reverse charge ― mobile phones and computer chips
•
Domestic reverse charge ― trading in carbon emissions
•
Domestic reverse charge ― wholesale trading in electricity and gas
•
Domestic reverse charge ― wholesale electronic communication services
•
Domestic reverse charge ― supplies of building and construction services ― overview
•
Domestic reverse charge ― trading in renewable energy certificates

Invoice requirements

Businesses involved in a reverse charge supply of specified goods must take the following course of action.

The supplier must not charge VAT on the transaction if it falls within the scope of these provisions as responsibility to account for any VAT due is transferred to the customer.

The supplier should issue

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Employment Tax

Loans provided to employees

Loans provided to employeesEmployers sometimes provide their employees with loans, sometimes charging interest and often not, either as part of the reward package or to help the individual meet significant expenditure. For example, it is common to provide loans for the purchase of annual travel

14 Jul 2020 12:11 | Produced by Tolley Read more

Corporation Tax

Substantial shareholding exemption ― overview

Substantial shareholding exemption ― overviewThe substantial shareholdings exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. No claim is required. Provided

14 Jul 2020 13:44 | Produced by Tolley Read more

Personal Tax

Timing of disposal for capital gains tax

Timing of disposal for capital gains taxDate of disposalThe date of the disposal determines the period in which the gain is subject to capital gains tax (CGT). When the rates of CGT change, the determination of the date of disposal can also affect the rate of CGT that applies to the gain.See the

14 Jul 2020 13:50 | Produced by Tolley Read more

Year-end tax planning

��˾��ҹ��