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.
Dealers hopes for another VAT windfall have been dashed. The Supreme Court yesterday overturned earlier positive court decisions in relation to Littlewoods’ claim for compound interest on overpaid VAT.
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.