VAT is a foreign tongue for many tax practitioners with some aspects of the tax not widely understood. Unexpected outcomes exist in many situations. Two examples are the meaning of business, which brings many charities into the VAT net and the place where cross border transactions happen. The reverse charge rules require the customer to account for VAT on certain cross-border transactions and, despite Brexit, the EU continues to have relevance. Avoiding VAT is difficult with substance over form having more influence nowadays. To provide effective tax advice, a broad understanding of the nuances of VAT is essential.
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VAT is a foreign tongue for many tax practitioners with some aspects of the tax not widely understood. Unexpected outcomes exist in many situations. Two examples are the meaning of business, which brings many charities into the VAT net and the place where cross border transactions happen. The reverse charge rules require the customer to account for VAT on certain cross-border transactions and, despite Brexit, the EU continues to have relevance. Avoiding VAT is difficult with substance over form having more influence nowadays. To provide effective tax advice, a broad understanding of the nuances of VAT is essential.
If you are not a subscriber, subscribe now to read this content.
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