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 VAT & Customs Duty Specialists

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.: Runciman Hughes Associates News & Advice 2009 :.
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HMRC Exchange Rates >>>

 

 

 

 


A summary of some of the UK VAT rates and fuel charge for 2009/10

Australia GST / VAT Economic Operator Registration Identification scheme (EORI)

Authorised Economic Operator (Aeo) Status

Tax Guide 2009/2010: Value Added Tax

NEW COMPLIANCE CHECKS

‘Compliance checks’ is merely the term applied to any type of check or inspection that HMRC is to undertake. The inspection will:

  • target specific areas of tax risk

  • go back 3 years (to be increased to 4 years next April)

  • or 20 years rule for cases of ‘deliberate’ behaviour, be it concealed or otherwise, similar to the old rule for fraud (and neglect).

The question is, will the business premises visits be just that, or a potential fishing expedition?


AVOID TAX PENALTIES

HMRC have a new penalty regime which could have dire consequences if you fall foul of the regime! Whilst there may always be mitigating circumstances it remains to be seen how the various categories of errors will be interpreted and the corresponding penalty applied.

If you are in a penalty situation at the moment or in an assessment situation you must now get your returns correct to avoid the new penalties ranging from 30% to 100%.

The situation still remains that if you advise HMRC of errors before they find them the interest and penalties will be greatly reduced.
Request a Tax Health-check and save yourself money and the anguish at a compliance visit.


Are you using a business asset for personal use? Are you using a personal asset for business use?

There are tax savings if charges and costs are accounted for correctly. Contact RHA to discuss how to save you money.


VAT PACKAGE 2010

The invoicing rules for services provided by or to other EU Member States changes on 1 January 2010.

If you sell services to or purchase services from VAT registered businesses, non VAT registered businesses or consumers in other member states you must be aware of the changes. This will probably entail changes to your accounting and invoicing procedures as the new EC Sales list for services comes into effect on 1 January 2010.

The new “place of supply” invoicing rules also affect services supplied outside the EU.

Not sure if you are providing a “service or goods”, the distinction for VAT is sometimes a grey area.

RHA will be holding half day seminars on this issue in September & October 2009 Dates and venue’s to be advised in due course dependant on demand. Please contact RHA for if you are interested.


Are you falling foul of the Distance Selling Regulation?

Many people buy goods and services over the internet, by phone or by mail order. These are all examples of distance selling. An increasing range of goods and services are available to consumers shopping in these ways. RHA can explains what these regulations are and provide information on how you can comply with them.

Distance selling goods – should I charge VAT?

‘Distance selling’ VAT regulations only involves goods, not services. And it only takes place when someone registered for VAT in one EU country sells and delivers goods to someone in another EU country who isn't registered - and doesn't have to be registered - for VAT.

So if you're selling outside the EU then any sales you make aren't distance sales and these regulations do not apply.


What is EORI?

As part of the 'Safety and Security Amendment' to the Community Customs Code a single registration number for economic operators that engage in customs activities will become mandatory as from 1 July 2009. The number is called 'Economic Operators Registration and Identification number' (EORI)


For economic operators EORI should reduce the administrative burden and simplify procedures, and for customs officers it should facilitate the identification of security risks and streamline procedures.


 
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