½Û×ÓÊÓƵ

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„¢
Powered by
  • 14 Nov 2023 11:11

Popular Articles

Self assessment ― amendments and corrections

Self assessment ― amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the

14 Jul 2020 13:37 | Produced by Tolley Read more Read more

Self assessment ― estimates and provisional figures

Self assessment ― estimates and provisional figuresIf the taxpayer does not have sufficient information to enable them to complete the tax return in the time allowed, they should include either a best estimate or a provisional figure. The taxpayer should not either leave a box blank or enter

14 Jul 2020 13:37 | Produced by Tolley Read more Read more

Exemption ― insurance ― overview

Exemption ― insurance ― overviewThis guidance note provides an overview of the VAT treatment of insurance products and should be read in conjunction with the Insurance ― specific transactions and Exemption ― insurance ― brokers and agents guidance notes.Is insurance exempt from VAT?Supplies of

Read more Read more