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Tolley's VAT Planning 2011-12

Tolley's VAT Planning 2011-12

Author: Neil Warren
Publisher: LexisNexis U.K.
ISBN: 9780754540687
Published In: August 2011
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

New Edition is available now !

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Contents
Author

Details

This practical guide for successful VAT planning addresses the many VAT issues that practitioners encounter on a regular basis.

Taking a transaction-based approach, it provides workable solutions to practical VAT problems, separating key planning points from complex legislation and guiding you through an otherwise complex set of legislation, regulation and schemes.

This edition of Tolley’s VAT Planning 2011-12 covers:

Clear guidance on ‘where we are now’ concerning the place of supply rules after major changes to the rules in 2010 and 2011. When must VAT still be charged on services supplied to overseas customers?
The combined special method for partial exemption – new opportunities from 1 January 2011 to deal with VAT paid on non-business expenses
Latest tips and pitfalls in relation to the flat rate scheme
A new chapter containing tips about applying checks to suppliers and customers – particularly important for overseas transactions
VAT and penalties – recent clarification from the courts about ‘careless’ errors and when they apply
VAT issues in 2010 and 2011 Budgets
Important advice on cash flow issues and the payment of VAT
Latest changes to capital goods scheme and assets with some non-business use
Practical implications of recent UK and European cases
Best ways of dealing with cross border transactions
How to deal with the HMRC at a time of public sector cuts
Increase in standard VAT rate to 20%

Key Benefits of Tolley's VAT Planning 2011-12:

Concise yet thorough explanation, each chapter has a standard layout and an opening set of bullet points enabling at-a-glance understanding of the text ahead
Identifies key areas of note in VAT planning, for example when it is advantageous for a business to adopt a special scheme or a method of partial exemption
Tolley's VAT Planning provides workable solutions to real-life VAT problems that arise on a client-by-client basis
Expert opinion pieces and worked examples offer guidance through a complex set of legislation, regulation and schemes
Tolley’s VAT Planning recommends action plans to help businesses and clients get the most out of VAT dealings and, in turn, minimise their tax bills

Reviews:

“This is an excellent book that will provide a clear, practical explanation of the main points in most of the problem areas that a practitioner is likely to meet… If you have a client who is affected by a particular issue with which you are unfamiliar, the right chapter is easy to find. It will leave you feeling better informed, and more confident that you will not fall into the traps… I found this book very readable and clear, and I am sure that it will be an excellent reference tool for tax advisers.”
Taxation

These are the contents for the 2010 edition. The 2011 contents will be made available soon.

Part I - Registration issues:

Registration
Deregistration
Group registration and divisional registration
Transfer of a going concern
Artificial separation of business activities

Part II - Schemes:

Cash accounting scheme
Annual accounting scheme
Flat rate scheme
Capital goods scheme
Other special schemes (Retail schemes and second hand margin schemes)

Part III - International issues:

Imports and Acquisitions
Exports; International services - place of supply
International services - other issues
Overseas traders and UK VAT (including 8th and 13th EC directives claims)

Part IV - Compliance:

Dealing with errors and interest charged on errors
Penalties
Dealing with HMRC
Joint and Several Liability (Missing Trader Fraud)
Best judgement and unjust enrichment

Part V - Exempt outputs:

Zero rated and reduced-rated outputs
Mixed supplies at different rates of VAT
Partial exemption - introduction
Partial exemption - special methods

Part VI - Land and property:

Construction services
Property transactions - introduction
Property transactions - option to tax
DIY refund scheme
Pension funds

Part VII - Other matters:

VAT Planning tips to survive the recession
Supply of goods - discounts, credit notes, samples, bad debts, Etc.
Input tax issues - non-deductible items and pension funds
Motor, travel and subsistence expenses
Supplies involving agents
Charities
VAT rate resumption on 1 January 2011 (17.5% to 20%).

By Neil Warren, Independent VAT Consultant.

Neil Warren had worked for Customs and Excise for 13 years before setting up his own tax and accountancy practice 12 years ago. He offers VAT consultancy services to a range of small and medium sized accountants in the south-east, and is a regular contributor on VAT for leading Tolley’s publications such as ‘Taxation’ and ‘Practical VAT Newsletter’. He also lectures on VAT for a number of clients and institutes throughout the UK. In 2008, Neil was honoured as the Tax Writer of the Year at the prestigious Taxation Awards, having also been a shortlisted nominee in 2007.