There is widespread agreement that climate change is a major threat to our futures and the motor industry is taking an innovative lead by developing alternatives to the traditional carbon producing internal combustion engine (ICE).
With the April 1 deadline for the introduction of the HMRC's Making Tax Digital (MTD) platform for VAT now upon us, Alison Horner, partner and head of VAT at MHA MacIntyre Hudson, gives her top tips on how to survive the new system.
The effect of changes announced by HMRC this week relating to how VAT applies to PCPs will be “limited” as long as sensible residual values are being set by finance companies, says Startline Motor Finance.
The Independent Garage Association (IGA) has published a self-help ‘Garage Guide to Making Tax Digital for VAT’ handbook to assist independent garages with their compliance to the HMRC’s new VAT legislation.
The Miles Consultancy (TMC) has launched a new TMC Automotive smartphone app which aims to help dealers reduce overheads and HMRC compliance around fuel and mileage costs by tracking business journeys.
There are many areas of motor retail that can be subject to VAT risk and failing to apply the right VAT treatment in these situations can lead to assessments for underpaid VAT and the threat of penalties and interest.
Having consulted with a number of regional and national automotive retail groups over the last 12 months, the overwhelming feedback we are receiving is that whilst their finance teams believe they have implemented and are operating HMRC’s car averaging rules correctly, they are at best uncertain.