Revenue & Customs Brief 24/11 announced that HMRC will withdraw item two of Business Brief 28/04 (correcting liability errors) with effect from 1 August, to take account of Brief 15/09, which ‘confirmed that HMRC is bound by incorrect advice only in [certain] circumstances’.
HMRC will send out more than 40,000 letters over the next few weeks, inviting people who have failed to register for VAT to make a full disclosure and take advantage of a reduced penalty.
VAT on property construction is acknowledged as one of the most complex areas of VAT. Karen Mulcahy provides an overview of the rules and seeks to offer some practical hints on mitigating VAT costs
A new exemption could remove a VAT charge preventing universities and charities from gaining efficiencies by sharing costs, HMRC said as they launched a consultation.
Linda Adelson and David Jamieson consider the application of the principle of economic reality in practice
Peter Mason compares the EU and UK legislation on transfers of going concerns and finds that it's no wonder many businesses are in doubt as to whether a particular transfer may be regarded as a non-supply
Revenue & Customs Brief 22/11 clarifies guidance on the acquisition of electricity from a combined heat and power station and the availability of an exemption from climate change levy for ‘qualifying power output’.