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Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

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HMRC - VAT Update

The following additional VAT items were published on HMRC's website in December:

i. Information Sheet 11/06

Information Sheet 11/06 sets out guidance on the VAT treatment of certain Islamic products currently being offered to the general public, businesses and other financial institutions by various banks in the UK. The Information sheet is available at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary _PublicNoticesAndInfoSheets&propertyType= document&columns=1&id=HMCE_PROD1_026447

ii. VAT Fraud

13 people were arrested on the morning of 12 December following dawn raids across Europe by HM Revenue & Customs criminal investigators in an operation targeting multi-million pound VAT fraud. Further details are available at https://www.gnn.gov.uk/environment/fullDetail.asp?ReleaseID=249787&NewsAreaID=2&NavigatedFromDepartment=False

iii. New XML Channel

HMRC have released a new channel for the submission of both VAT Return and EC Sales List declarations.

Businesses will have an additional option of submitting their declarations via a XML channel using commercial or bespoke software. Commercial packages will start to become available in 2007.

Additional features include the facility to appoint a VAT Registered Agent to submit EC Sales Lists on behalf of the taxpayer, with an improved user interface and functionality.

Further details are available at http://www.hmrc.gov.uk/online/xml-launch-note.htm.

iv. Information Sheet 12/06

Information Sheet 12/06 provides further guidance to dispensing GP practices. The Information sheet is available at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ ShowContent&propertyType=document&id=HMCE_PROD1_026464.

v. VAT Notes 04/06

Items in this edition include: Do you trade in mobile telephones, computer chips and certain other electronic goods? Are you an agent charging a fee for providing credit and debit card handling services? Does your hotel accommodate long-stay guests? Revised interpretation of law on VAT treatment. The VAT Notes are available at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ PublicNoticesAndInfoSheets&propertyType=document&columns=1&id=HMCE_PROD1_026479.

vi. Revised Notice 706 – Partial exemption

The revised notice cancels and replaces Notice 706 on partial exemption.

The revised Notice 706 is available at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortal WebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&propertyType=document&id=HMCE_CL_000857