HMRC has been targeting the motor retail industry for VAT compliance in three key areas: partial exemption, the Capital Goods Scheme, and VAT recovery on deal costs. Partial exemption calculations may require restriction if exempt income like finance commissions exceed 1% of turnover. The Capital Goods Scheme requires reviewing refurbishment costs annually for VAT recovery adjustments. HMRC has also focused on VAT recovery for costs related to acquiring or disposing of businesses. Errors in these areas can result in penalties if not voluntarily disclosed to HMRC within four years. RSM's VAT team can assist with compliance reviews, calculations, negotiating methods, and managing HMRC queries.
International Tax For SMEs September 2011 Abbreviatedsarogers99
These slides were used in a presentation given to attendees at a recent UKTI / Natwest / Francis Clark LLP seminar in Salisbury - How to Open Up New Markets Overseas.
Tax breaks for small businesses.
Covers R&D tax credits, the enterprise investment and corporate venturing scheme, the enterprise managment incentives.
DMIEXPO - Arosal - Where To Hold Your IP: The A To Z Guide For Digital MarketersMorning Dough
Arosal will walk you through the challenges and pitfalls which characterize the global tax scene post-BEPS, specifically as regards IP Boxes and the so-called ‘Nexus’ approach. We shall walk you through the process of registering and protecting your IP, whilst designing a robust international structure which will stand up to any BEPS-related challenge.
Furthermore, Arosal will outline the services which you will require, and the process through which these will be obtained regarding the implementation of your structure, whilst focusing on the tax optimization of the group’s entire structure as concerns all types of taxes. Finally, we shall discuss the administration of your international structure, and comment on the way forward in the global market place.
Uber is able to escape VAT by making use of a gap in how tax is gathered for cross-EU company sales. This stems from the fact that it classifies its 40,000 UK drivers as independent entities, each too small to register for VAT. Read on to learn about VAT on UberEats, reverse charges and more.
International Tax For SMEs September 2011 Abbreviatedsarogers99
These slides were used in a presentation given to attendees at a recent UKTI / Natwest / Francis Clark LLP seminar in Salisbury - How to Open Up New Markets Overseas.
Tax breaks for small businesses.
Covers R&D tax credits, the enterprise investment and corporate venturing scheme, the enterprise managment incentives.
DMIEXPO - Arosal - Where To Hold Your IP: The A To Z Guide For Digital MarketersMorning Dough
Arosal will walk you through the challenges and pitfalls which characterize the global tax scene post-BEPS, specifically as regards IP Boxes and the so-called ‘Nexus’ approach. We shall walk you through the process of registering and protecting your IP, whilst designing a robust international structure which will stand up to any BEPS-related challenge.
Furthermore, Arosal will outline the services which you will require, and the process through which these will be obtained regarding the implementation of your structure, whilst focusing on the tax optimization of the group’s entire structure as concerns all types of taxes. Finally, we shall discuss the administration of your international structure, and comment on the way forward in the global market place.
Uber is able to escape VAT by making use of a gap in how tax is gathered for cross-EU company sales. This stems from the fact that it classifies its 40,000 UK drivers as independent entities, each too small to register for VAT. Read on to learn about VAT on UberEats, reverse charges and more.
Reclaiming VAT on pension scheme costs – what should you be thinking about?Alex Baulf
Following the judgment of the Court of Justice of the European Union (CJEU) in the case of PPG Holdings, the VAT incurred on administration and investment management expenses was ruled to be reclaimable, in certain circumstances. This ruling prompted a change of policy by HMRC which has left advisors and businesses somewhat confused on the VAT treatment of such expenses.
EU VAT Alert: EU agrees to a generalised system of VAT reverse chargeAlex Baulf
Member States are currently under a severe threat from fraudsters who take advantage of the EU VAT system. The VAT gap – the difference between the amount of VAT that is forecast to be collectable by the Member States and the amount that is actually collected – runs to many billions of Euros.
For trade in certain goods, Member States are currently entitled to designate the purchaser as the entity obliged to pay the VAT due on the transaction. The system is known as the reverse charge mechanism and it is now used for most B2B transactions for intra EU supplies of services.
Following a recent ECOFIN meeting, we understand that the Czech Finance Minister - Andrej Babis is claiming that the EU Commission has agreed to an extension to the reverse charge mechanism to cover all supplies of goods. The Commission has, apparently, agreed to introduce legislation to implement a generalised reverse charge system by as soon as the end of 2016. This would constitute a change of heart by the Commission which has previously opposed such a move.
However, we understand that Mr Babis threatened to veto other measures aimed at combating corporate tax avoidance. The quid pro quo for his co-operation was the Commissions agreement to the introduction of the generalised reverse charge system.
Comment – The Commission is anxious to reduce the level of VAT fraud with the EU. Indeed, it states as much in its recent 'Action Plan for VAT'. Businesses involved in selling goods will wish to keep an eye on these developments as their VAT reporting and accounting systems will need to be re-configured.
10 THINGS TO CONSIDER WHEN SETTING UP IN THE UKBen Robson
Thinking of setting up in the UK but unsure on the things to consider? Our quick guide narrows it down to 10 easy steps!
For further information and advice, please contact ben.robson@ocsolicitors.com, or 020 7067 4300.
The remote gambling industry has been hit by the Place of Consumption (POC) Tax at the end of last year. This slideshow explains all that you need to know about the tax and delves deeper to explore what effect it has already had on the industry and the players.
Key Facts for Limited Companies in Malta; a legitimate low tax EU jurisdiction
5% effective corporate tax rate, no withholding, capital gains or entry or exit taxes. No inheritance or wealth taxes.
This Court of Appeal decisions looks at the definition of a game of chance - and therefore whether the conditions for the Betting & Gaming VAT exemption are met.
A Survey on Secure Hierarchical LEACH Protocol over Wireless Sensor NetworkIJERD Editor
Wireless Sensor Network contain number of nodes. Lifetime of Sensor nodes depend on their battery
power, which cannot be reenergize. Thus, to save the node energy & lifetime of the Network energy efficient
LEACH protocol is introduced. Wireless sensor networks are facing many experiments such as the partial source
in processing power, storage and energy. The inadequate energy source is one of the main tasks facing the security
in such networks. LEACH doesn’t shield the safety harms. So we want to improve security scenario of Secure
LEACH protocol. Hierarchical or cluster base routing protocol for WSNs is the most energy-efficient among other
routing protocols. This paper shows different security mechanism used in LEACH protocol. This all protocol is
based on Hierarchical routing protocol. This paper shows basic scenario of security in LEACH.
Assessment of Heavy Metals in Nnewi under Ground WaterIJERD Editor
The Assessment of heavy metals distribution and their likely adverse effects in underground
resources of Nnewi town of Anambra State within the sedimentary basin of south eastern Nigeria due to
industries has been studied. The instrument used for data collection includes topographic map, geologic map
aerial photograph, satellite image and fracture maps of Anambra drainage Basin. Ten (10) under ground water
samples from borehole, springs and hand dug wells were collected, this was followed by laboratory studies of
the water samples for the identification of heavy metals present. The result of the analysis of ten(10) water
samples shows that chromium, copper, cadmium and zinc were observed to be high while orgon, mercury,
molybdenum, nickel, lead, zirconium were not detected. The findings also show that cadmium (cd) was not in
some places such as Nnewichi, Otollo and Umudim. Villages in Nnewi town shows an abnormal distribution of
high chromium (cr) copper (cu) and zinc (zn). Above permissible limit, Cadmium causes cancer of the lungs,
and high blood pressure, while chromium causes kidney damage, liver damage, circulatory and nerve tissue
damage. Copper causes anemia, intestinal irritation, while zinc causes growth retardation, delayed sexual
maturation, infection susceptibility and diarrhea. It was suggested that chemical analysis of water should be
carried out periodically in the area since groundwater is subject to seasonal changes.
Die 4. uno kommission adoptiert eine resolution zur unterstützung des politis...Tanja Seidemann
Die 4. Kommission der Generalversammlung der UNO adoptierte am Montag, den 10. Oktober 2016, ohne Abstimmung eine Resolution zur Unterstützung des politischen UNO-Prozesses zwecks der Beilegung der Frage der marokkanischen Sahara, die Staaten der Region dazu aufrufend, voll und ganz mit dem Generalsekretär und mit dessen Sondergesandten, aber auch gegenseitig, zu kooperieren, um eine politische Beilegung für diesen regionalen Konflikt zu erzielen.
Reclaiming VAT on pension scheme costs – what should you be thinking about?Alex Baulf
Following the judgment of the Court of Justice of the European Union (CJEU) in the case of PPG Holdings, the VAT incurred on administration and investment management expenses was ruled to be reclaimable, in certain circumstances. This ruling prompted a change of policy by HMRC which has left advisors and businesses somewhat confused on the VAT treatment of such expenses.
EU VAT Alert: EU agrees to a generalised system of VAT reverse chargeAlex Baulf
Member States are currently under a severe threat from fraudsters who take advantage of the EU VAT system. The VAT gap – the difference between the amount of VAT that is forecast to be collectable by the Member States and the amount that is actually collected – runs to many billions of Euros.
For trade in certain goods, Member States are currently entitled to designate the purchaser as the entity obliged to pay the VAT due on the transaction. The system is known as the reverse charge mechanism and it is now used for most B2B transactions for intra EU supplies of services.
Following a recent ECOFIN meeting, we understand that the Czech Finance Minister - Andrej Babis is claiming that the EU Commission has agreed to an extension to the reverse charge mechanism to cover all supplies of goods. The Commission has, apparently, agreed to introduce legislation to implement a generalised reverse charge system by as soon as the end of 2016. This would constitute a change of heart by the Commission which has previously opposed such a move.
However, we understand that Mr Babis threatened to veto other measures aimed at combating corporate tax avoidance. The quid pro quo for his co-operation was the Commissions agreement to the introduction of the generalised reverse charge system.
Comment – The Commission is anxious to reduce the level of VAT fraud with the EU. Indeed, it states as much in its recent 'Action Plan for VAT'. Businesses involved in selling goods will wish to keep an eye on these developments as their VAT reporting and accounting systems will need to be re-configured.
10 THINGS TO CONSIDER WHEN SETTING UP IN THE UKBen Robson
Thinking of setting up in the UK but unsure on the things to consider? Our quick guide narrows it down to 10 easy steps!
For further information and advice, please contact ben.robson@ocsolicitors.com, or 020 7067 4300.
The remote gambling industry has been hit by the Place of Consumption (POC) Tax at the end of last year. This slideshow explains all that you need to know about the tax and delves deeper to explore what effect it has already had on the industry and the players.
Key Facts for Limited Companies in Malta; a legitimate low tax EU jurisdiction
5% effective corporate tax rate, no withholding, capital gains or entry or exit taxes. No inheritance or wealth taxes.
This Court of Appeal decisions looks at the definition of a game of chance - and therefore whether the conditions for the Betting & Gaming VAT exemption are met.
A Survey on Secure Hierarchical LEACH Protocol over Wireless Sensor NetworkIJERD Editor
Wireless Sensor Network contain number of nodes. Lifetime of Sensor nodes depend on their battery
power, which cannot be reenergize. Thus, to save the node energy & lifetime of the Network energy efficient
LEACH protocol is introduced. Wireless sensor networks are facing many experiments such as the partial source
in processing power, storage and energy. The inadequate energy source is one of the main tasks facing the security
in such networks. LEACH doesn’t shield the safety harms. So we want to improve security scenario of Secure
LEACH protocol. Hierarchical or cluster base routing protocol for WSNs is the most energy-efficient among other
routing protocols. This paper shows different security mechanism used in LEACH protocol. This all protocol is
based on Hierarchical routing protocol. This paper shows basic scenario of security in LEACH.
Assessment of Heavy Metals in Nnewi under Ground WaterIJERD Editor
The Assessment of heavy metals distribution and their likely adverse effects in underground
resources of Nnewi town of Anambra State within the sedimentary basin of south eastern Nigeria due to
industries has been studied. The instrument used for data collection includes topographic map, geologic map
aerial photograph, satellite image and fracture maps of Anambra drainage Basin. Ten (10) under ground water
samples from borehole, springs and hand dug wells were collected, this was followed by laboratory studies of
the water samples for the identification of heavy metals present. The result of the analysis of ten(10) water
samples shows that chromium, copper, cadmium and zinc were observed to be high while orgon, mercury,
molybdenum, nickel, lead, zirconium were not detected. The findings also show that cadmium (cd) was not in
some places such as Nnewichi, Otollo and Umudim. Villages in Nnewi town shows an abnormal distribution of
high chromium (cr) copper (cu) and zinc (zn). Above permissible limit, Cadmium causes cancer of the lungs,
and high blood pressure, while chromium causes kidney damage, liver damage, circulatory and nerve tissue
damage. Copper causes anemia, intestinal irritation, while zinc causes growth retardation, delayed sexual
maturation, infection susceptibility and diarrhea. It was suggested that chemical analysis of water should be
carried out periodically in the area since groundwater is subject to seasonal changes.
Die 4. uno kommission adoptiert eine resolution zur unterstützung des politis...Tanja Seidemann
Die 4. Kommission der Generalversammlung der UNO adoptierte am Montag, den 10. Oktober 2016, ohne Abstimmung eine Resolution zur Unterstützung des politischen UNO-Prozesses zwecks der Beilegung der Frage der marokkanischen Sahara, die Staaten der Region dazu aufrufend, voll und ganz mit dem Generalsekretär und mit dessen Sondergesandten, aber auch gegenseitig, zu kooperieren, um eine politische Beilegung für diesen regionalen Konflikt zu erzielen.
Seamless Transitions between Grid-Connected and Stand-Alone Operations of Dis...IJERD Editor
Control of the Distributed Generation (DG) system is important in both grid-connected and standalone
modes and the system stability becomes very crucial during the transfer between these two modes. If the
system does not have a proper transfer procedure, severe transient voltages or currents will occur, which may
damage the entire system. A seamless transfer can ensure smooth operation and quick attainment of steady state.
In order to solve these transition problems, this paper presents the development and test of a control strategy for
DG capable of working in grid-connected and intentional islanding connection modes with seamless transitions
from both operational modes.
Conosci Roma?
Con Girando puoi esplorare, attraverso il cinema, i diversi volti della città, dalle sue periferie al centro storico.
Tramite l'applicazione mobile e la piattaforma web dedicata, potrai mettere alla prova le tue abilità muovendoti tra gli scenari dei film più celebri e condividendo con gli altri la tua esperienza di viaggio.
IBSA Webinar on FATCA & Exchange of Information which took place on 27 January 2015. Presented by Ross Belhomme of Saffery Champness (Geneva) and Peter Grant of KPMG (London). To view the webinar on demand, please visit our Bright Talk channel at https://www.brighttalk.com/channel/11641
Residential property can be a lucrative business, but profits or gains will be subject to tax. In this post we discuss some of the property tax planning options, including using limited companies or LLPs, trading vs investment property, capital gains tax and entrepreneurs relief.
AMCA is a leading Auditing firm in UAE with a decade long experience. We are listed with mainland (LLC) authorities and all major free zones including DMCC, JAFZA, DAFZA, DWC, DIFC, DSO, Abu Dhabi, Sharjah, RAK, Fujairah, Ajman & Umm al-Quwain.
AMCA is a leading Auditing firm in UAE with a decade long experience. We are listed with mainland (LLC) authorities and all major free zones including DMCC, JAFZA, DAFZA, DWC, DIFC, DSO, Abu Dhabi, Sharjah, RAK, Fujairah, Ajman & Umm al-Quwain.
With IMC’s comprehensive action plan you can take control of VAT’s impact on people and organizations, processes and controls, and data and technology.
Overseas investors continue to look to the UK as
an attractive location to invest. But what are the
key tax implications? Take a look at our guide on structuring your real estate investment in the UK to find out.
The GCC member countries have entered into a unified agreement which bind them to implement VAT and Excise regulations in their jurisdictions latest by January 2019. IMC has a dedicated “VAT in GCC” team set-up in Dubai, UAE. Write to us at bc@intuitconsultancy.com or visit https://intuitconsultancy.com/vat-in-middle-east/ for more. IMC would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances.
UAE introducing VAT from January 2018 and this presentation gives full information regarding VAT concepts and applicability. Drop your query to us to discuss more about VAT in UAE at vat@nrdoshi.ae
To help you navigate the changes with your pass-through entity clients, I am sharing a resource to create dialogue for your year-end tax planning with them.
We work together to provide the solutions that help your CPA firm succeed including proactive accountability to keep you moving in the right direction.
If you are ready to join the ranks of successful firms throughout the US who have realized significant benefits as a result of Firm Foundation membership and want to explore the next steps, let’s talk: 800.537.7179
For those currently going through/have in the pipeline an ERP system implementation/upgrade project – attached is worth a read. You could see a significant return on your investment (your time in looking at this and/or us assisting you) in the form of a significant saving in time spent on meeting your VAT compliance obligations.
1. FOCUS ON: VAT IN THE MOTOR INDUSTRY
Recently HMRC has been targeting the motor retail industry in relation to VAT compliance.
Our experience has revealed that as part of routine VAT inspections, there are three key
areas of interest: partial exemption; Capital Goods Scheme; and VAT recovery on deal costs.
Partial exemption
It has been estimated that over 80 per cent of private new
car sales are purchased on finance. In 2016, more finance
backed sales have been arranged than ever before*
. As a
result of this, VAT exempt income is increasing and VAT
recovery on underlying costs may require restriction. Motor
retail businesses should therefore take extra care when
determining their VAT recovery position.
The partial exemption default calculation used to determine
the amount of VAT recovery, is known as the standard
method. When VAT exempt income (eg finance commission)
represents more than one per cent of total turnover, an input
VAT recovery restriction on overheads may be required.
It can be difficult to determine what should be included as an
overhead item for partial exemption purposes and this area
often requires specialist advice.
The standard method normally results in relatively high levels
of restriction and so we often negotiate partial exemption
special methods’ for our clients with HMRC which better
reflects the business activities.
Capital Goods Scheme (CGS)
Motor retailers are often required to refurbish showrooms
to improve customer experience and keep pace with
manufacturer’s expectations. Depending on the values
involved, these regular refurbishments can be CGS items.
Consideration should be given on the amount of VAT incurred
on refurbishments or construction that can be recovered
in relation to the build. VAT recovery on these large projects
is normally calculated in line with the partial exemption
recovery percentage. These rules can be complex if the build
falls into two different partial exemption periods.
CGS items should be reviewed on an annual basis and the
relevant adjustment made where applicable.
VAT recovery on deal costs
As the motor industry continues to grow, acquisitions and
disposals are becoming more common.
VAT recovery on deal costs has been a hot topic with HMRC
over the last few months. Careful consideration should be
given when determining the extent to which VAT can be
recovered in relation to the costs incurred during corporate
transactions to both acquire and dispose of businesses or
parts of a business.
HMRC penalties
The points mentioned above are common areas where
mistakes are made and these can often prove costly to the
business. In addition, these errors may be subject to penalties
and interest. HMRC can look back up to four years when
assessing for errors.
When errors are disclosed to HMRC on a voluntary basis it
may be possible to mitigate the penalties.
*
Finance and Leasing Association - February 2016.
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