Budget proposals

Article Abstract:

The 1992 Budget contains several minor amendments to value-added tax (VAT) regulations. Among others, these amendments propose increases in VAT registration limits, the raising of the outstanding debts limit that is used to determine whether Customs can revoke the privilege of using cash accounting methods for computing VAT liability, new requirements for the submission of VAT returns by large payers, and an exemption from VAT for 'salary sacrifices' such as company cars. Other measures contained in the proposed amendments cover new fuel scale charges on the petrol allowances provided by businesses for private use; imput tax recovery for new cars purchased by driving schools and self-drive car hire firms; reduced misdeclaration penalties; and provisions for the revision of UK VAT laws to ensure that they conform to European Community rules.

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VAT registration: the criteria and requirements

Article Abstract:

People who make taxable supplies of goods in Great Britain at a rate of 6,500 pounds sterling (or more) per calendar quarter must register with the Commissioners of Britain's value added tax. The legal aspects of such value added tax registrations are discussed with reference to the VAT Act of 1983. Definitions of taxable person, taxable supply, supply, input tax, output tax, tax invoice, and scope of tax are provided, prior to the explanations of registration regulations, special cases and deregistration.

Interpretation and construction, Tax law, Great Britain

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Don't forget the details

Article Abstract:

It is important for UK firms to be aware that the VAT systems of European Union member states are not homogeneous. Businesses active in the European Union must address VAT compliance and planning issues.

European Union

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