Supply and consideration ― deemed and self-supplies

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note looks at the concepts of deemed and self-supplies for VAT purposes.

For an overview of supply and consideration generally, see the Supply and consideration ― overview guidance note.

For detailed commentary on the legislation and case law in relation to deemed supplies, see De Voil Indirect Tax Service V3.201. For self-supplies, see De Voil Indirect Tax Service V3.241.

Deemed supplies

VAT rules dictate that certain transactions which would not otherwise be treated as supplies of goods or services can be ‘deemed’ to be such.

Broadly, a deemed supply may place a requirement on a taxpayer to account for VAT even though there is no supply for consideration (see the Supply and consideration ― is the supply for consideration? guidance note). Deemed supplies can also refer to supplies where the person who has to account

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Personal Tax

Payment of the remittance basis charge

Payment of the remittance basis chargeRemittance basis chargeThe remittance basis charge is an annual charge payable by ‘long-term’ UK residents for the privilege of claiming the remittance basis.Taxpayers who wish to utilise the remittance basis (but do not qualify for it automatically) must pay

14 Jul 2020 12:52 | Produced by Tolley Read more

Corporation Tax

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more

Corporation Tax

Withholding tax

Withholding taxIntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeUK withholding tax may be reduced under the provisions of a double tax treaty (DTT). Prior to 1 June 2021, payments of interest and royalties made to EU resident associated companies were

14 Jul 2020 14:01 | Produced by Tolley Read more

��Ƶ