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Proposals re Financial and Insurance Services
Wednesday, 28 November 2007 00:00
The European Commission has adopted a proposal for a Directive and a Regulation aiming at modernising and simplifying the complex VAT rules for financial and insurance services.

These proposals need to be agreed unanimously by the Member States, after consultation of the European Parliament. Once approved by the Council of Ministers, the Directive needs to be transposed in national law while the regulation is directly applicable in all Member States.

The Commission state that the proposals should:


  • Increase legal certainty for all concerned, from the business sector to national tax administrations and therefore to reduce their administrative burden for correctly applying the VAT exemption for insurance and financial services. Legal certainty will secure the taxing rights of Member States and reduce opportunities for aggressive tax planning.
  • Ensure a more consistent application of the tax and to deliver a level playing field in the internal market, at least as far as VAT is concerned.
  • Allow businesses to manage better the impact of non-deductible VAT on their activities, whilst ensuring equal access to tax relief across the internal market.
Last Updated on Tuesday, 23 September 2008 14:15
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HMRC Brief 67/07 Rebates and Credit notes
Monday, 12 November 2007 15:12
HMRC have issued an Revenue and Customs Brief explaining the correct treatment of rebates, credit notes and similar transactions. A table outlines types of transactions and their VAT treatment. The correct VAT treatment must be applied from 1 January 2008.
Last Updated on Monday, 12 November 2007 15:25
 
VAT Appeals Consultation
Monday, 15 October 2007 13:12
HMRC have announced a consultation on the VAT appeals procedure. The consultation explains the background to the introduction of a two-tier Tribunal system and seeks views on how the transfer from the current system can be achieved. The consultation can be viewed by clicking here. Comments should be submitted by 31 December 2007.
Last Updated on Monday, 15 October 2007 13:13
 
New Penalty Regime
Wednesday, 10 October 2007 12:41
The 2007 Finance Act introduces a new penalty regime for both direct and indirect tax. Although the new penalties will not apply until 2009 it is important that businesses consider the potential impact of these penalties at an early stage.

CVC can assist in any review of VAT systems you consider necessary.

click here to view the CVC Alert, which contains further details of the new regime.
Last Updated on Wednesday, 01 October 2008 13:18
 
New Procedures for VAT Registration
Monday, 01 October 2007 12:26
HMRC have announced changes in their procedures for processing VAT registration applications. From 1 October 2007 the VAT Registration Unit in Wolverhampton will become the principal processing office for VAT registration and deregistration applications. Forms should be forwarded as follows:
 
  • All general applications for VAT registration and deregistration should be sent to HMRC’s VAT Registration Office at Wolverhampton.
  • VAT 68 applications; VAT Group applications; Flat Rate Scheme and Annual Accounting applications should be sent to HMRC’s VAT Registration Office at Grimsby.
  • Agricultural Flat Rate Scheme applications should be sent to HMRC’s VAT registration Office at Carmarthen.
  • Businesses without a business establishment, agent or tax representative in the UK should continue to use the Non-established Taxable Persons Unit in Aberdeen.
 
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