ÀÏ˾»úÎçÒ¹¸£Àû

VAT review ― sales


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance

VAT review ― sales


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance
imgtext

This guidance note is intended to provide an overview of the areas that should be considered as part of a VAT review analysing the VAT accounting obligations arising in relation to sales. This document should be used in conjunction with the VAT review checklist Checklist ― VAT review when undertaking a review to seek to ensure all the relevant items have been covered.

Whilst this guidance and associated checklist have been prepared to seek to cover the common issues and risks which might arise, care should be taken to ensure that any specific business or sector issues are considered as part of a comprehensive review.

Liability

The default rate of VAT for supplies of goods and services in the UK is the standard rate (which is currently 20%). However, certain goods and services are not subject to the default rate of VAT and instead the supply may be exempt, zero-rated, reduced-rated or outside the scope of VAT. The VAT review process should seek to confirm that the correct rate of VAT has been applied to

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+â„¢
TAKE A FREE TRIAL NOW
Powered by
  • 14 Nov 2023 11:11

Home/ Tolley Tax Guidance/ Value Added Tax / Ensuring compliance

Popular Articles

Personal Tax

Married couple’s allowance

Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There

14 Jul 2020 12:13 | Produced by Tolley Read more Read more
Employment Tax

Short-term business visitors (STBVs)

Short-term business visitors (STBVs)What is a short-term business visitor?An STBV for UK tax purposes is an individual who performs duties for a non-UK employer and as a part of those duties has been asked to spend a short period working in the UK. There is a common misconception that there is

14 Jul 2020 13:40 | Produced by Tolley in association with Gill Salmons Read more Read more
Corporation Tax

Temporary differences

Temporary differencesCalculation of temporary differencesThe temporary difference arising in respect of an asset or liability is calculated by comparing the carrying value of that asset or liability with its tax base.IAS 12 uses the concept of taxable or deductible temporary differences. Whether a

14 Jul 2020 13:49 | Produced by Tolley in association with Malcolm Greenbaum Read more Read more