VAT registration ― compulsory

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides information relating to when a person is required to register for VAT on a compulsory basis. The VAT registration ― voluntary guidance note provides information relating to when a person is entitled to register for VAT on a voluntary basis. The VAT group and divisional registration ― overview guidance note provides information on VAT group and divisional registration. For detailed commentary on registration and deregistration, please refer to De Voil Indirect Tax Service V2.1.

When may VAT registration be required on a compulsory basis?

HMRC can issue an assessment for underpaid VAT covering a period of up to 20 years to a taxable person that has either not registered for VAT at all or not registered for VAT on time. This means that monitoring when and whether a compulsory registration requirement arises is an integral part of good governance.

VAT registration may be required on a compulsory basis as a result of:

•
supplies of goods which the supplier, or a predecessor, has claimed, or is intending to claim, a repayment of VAT

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

Trusts and Inheritance Tax

Spouse exemption from inheritance tax

Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’).

14 Jul 2020 13:56 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more

Personal Tax

Losses on shares set against income

Losses on shares set against incomeUsually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note

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

Personal Tax

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more

��Ƶ