The Law of Property Act sets out the requirements for calculating and remitting VAT liability when businesses dispose of property assets. This legislation establishes the rules determining whether property sales are subject to VAT and how traders must account for any tax due on such transactions. Understanding these provisions is essential for businesses that hold property as trading stock or investment assets to ensure correct tax compliance.
Source: HMRC (GOV.UK) – Read the original
The IHT100a form enables businesses and individuals to notify HMRC when Inheritance Tax becomes payable on gifts or transfers of value involving trusts. This formal notification ensures compliance with IHT obligations and allows taxpayers to declare when tax liabilities arise from such transfers. The form streamlines the reporting process for complex trust-related transactions subject to Inheritance Tax.
Source: HMRC (GOV.UK) – Read the original
This guidance explains the mechanism of transfer of a business as a going concern (TOGC) and outlines the procedural steps for applying. A TOGC occurs when a business or identifiable part of a business is transferred to another party while continuing its operations without interruption. The guidance covers eligibility criteria, the conditions that must be met, and the application process required to obtain TOGC treatment for VAT purposes.
Source: HMRC (GOV.UK) – Read the original
HMRC requires operators of excise warehouses to submit Form W1 to report their receipts, dispatches, and current stock levels of alcohol, tobacco, and vaping products. This form serves as the primary reporting mechanism for warehouse holders to declare their inventory position and movements of duty-suspended goods. The submission ensures HMRC maintains accurate records of excise goods held under warehouse authorisation.
Source: HMRC (GOV.UK) – Read the original
HMRC has issued Excise Notice 197b to clarify the procedures for handling and moving both duty-paid and duty-free excise goods within UK Aircraft Store Floors. This notice sets out the regulatory requirements that operators must follow when managing excise inventory in these specialist facilities. The guidance applies to anyone involved in the storage and movement of excisable products destined for aircraft use.
Source: HMRC (GOV.UK) – Read the original
HMRC has issued guidance covering the tax treatment of investment funds and their managers. The manual provides clarity on applicable tax rules that fund operators and managers must follow. This guidance applies to various types of investment fund structures operating in the UK.
Source: HMRC (GOV.UK) – Read the original
Bad debt relief allows businesses to recover VAT on unpaid invoices when customers fail to pay. This relief applies when invoices have been outstanding for more than six months and certain conditions are met. Traders can reclaim the VAT element of the debt, provided they have previously accounted for VAT on the original supply. The process involves submitting a claim to HMRC with supporting documentation showing the debt has been written off.
Source: HMRC (GOV.UK) – Read the original
This guidance outlines the duties and responsibilities that businesses must fulfil when filing returns with HMRC, including submission requirements, accuracy standards, and record-keeping obligations. Traders and customs declarants need to ensure returns are completed correctly and submitted within specified timeframes to maintain compliance. The guidance covers the documentation and information that must accompany returns to support regulatory oversight and audit purposes.
Source: HMRC (GOV.UK) – Read the original
Tax advisers can now apply for an Agent Services Account (ASA) to register with HMRC and access specific HMRC services. This registration allows qualified agents to represent clients and use designated HMRC digital tools. The ASA application process enables tax professionals to manage their compliance activities and interact with HMRC through authorised channels.
Source: HMRC (GOV.UK) – Read the original
HMRC has issued guidance outlining the documentation that businesses handling excisable goods or services must maintain for compliance purposes. The notice sets out mandatory record-keeping standards applicable to all traders subject to Excise Duty obligations. Proper record retention enables traders to demonstrate tax compliance and facilitates HMRC audits and inspections.
Source: HMRC (GOV.UK) – Read the original