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Guidance on the law as it applies to time of supply and to changes in VAT rate and liability.

Help clients avoid expensive errors or unforeseen costs. Jamie Anderson | Feb 11, 2021 A good advisor will be able to help a collector navigate the (often rapidly) shifting sands with regards to sales and import taxes and associated duties and levies on art acquisitions. While it may be unfair to expect an advisor or broker to understand the applicable tax rates in every scenario, advice can be given to help a collector avoid expensive errors or unforeseen costs. Here we give general information to help you know which issues are important to resolve about sales and import taxes before y...

Detail This notice cancels and replaces Notice 718/1 (December 2020). Details of any changes to the previous version can be found in paragraph 1.2. It applies to supplies of used vehicles within the UK and to acquisitions of used vehicles into Northern Ireland from the EU. 1. Overview 1.1 Information in this notice This notice explains when you may use the Second-hand Margin Scheme to account for VAT on your sales of second-hand vehicles. It explains: how the scheme works what records you must keep This notice assumes that you have a working knowledge of basic VAT principles, as outlined in V...

Agricultural Flat Rate Scheme (VAT Notice 700/46) Find out who can use, and how to apply to join the Agricultural Flat Rate Scheme. From: Contents 1. Overview 1.1 What this notice is about It explains the Agricultural Flat Rate Scheme, who can use it and how to apply to join. 1.2 What’s changed from the previous version This revised notice replaces the October 2012 edition and includes details of the entry and exit criteria for the Agricultural Flat Rate Scheme. 1.3 Force of law Section 10 contains an example of the VAT 98 form which carries the force of law under the VAT Regulati...

Auctioneers' Scheme (VAT Notice 718/2) How the VAT Auctioneers Scheme works and when you may use the scheme to account for VAT on the supplies you make. From: Contents 1.1 Information in this notice This notice is about the Auctioneers’ Scheme, which is a variation on the VAT Margin Scheme for second-hand goods, antiques, works of art and collectors’ items. It tells you when you may use the Auctioneers’ Scheme to account for VAT on the supplies you make. It explains: how the scheme works what records you must keep This notice assumes that you have a working knowledge of basic ...