Summary of indirect tax changes with potential VAT implications
Threshold up from £77,000 to £79,000.
Deregistration threshold from £75,000 to £77,000.
Road fuel scale charges
New rates from 1 May 2013.
Don't forget if commercial vehicles have private use & fuel is not recharged (at least at cost) scale charges apply to these as well.
Advance notice of a change in the place of supply rules
- This is to be announced in the 2014 finance bill.
- It will be effective from 1 January 2015
- It affects business-to-end user supplies of
- Broadcasting and
- Electronically supplied services.
- The new place of supply will be where the customer is located.
- On the face of it a supplier might have to register in every Member State in which he has a customer.
- The intention is that a supplier can render a single return in his own Member State that accounts for the VAT due in each of the Member States.
- There will be a consultation paper issued prior to the drafting of the 2014 finance bill. Stakeholders, especially smaller businesses, are encouraged to respond.