TaxSource Total

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

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

HMRC: VAT Update

  1. The FAQs on HMRC's website have been updated to consider the recent amendments to VAT registration.
    The following frequently asked questions have been added:
    • Online VAT registration.
    • VAT 1 form.
    • Process following application for VAT registration.
  2. HMRC have placed VAT Information Sheets 01/07 to 04/07 on their website. In addition a press release was released on the outcome of the VAT carousel fraud case.
    VAT Information Sheets:
    • 01/07
      This Information Sheet provides currency exchange rates required by non-EU businesses registered for the special scheme in the UK, for reporting period ending December 2006.
    • 02/07
      This Information Sheet provides the VAT rates for electronically supplied services for Bulgaria and Romania, from 1 January 2007.
    • 03/07
      This Information Sheet advises a change in the VAT rate for Germany from 1 January 2007.
    • 04/07
      This Information Sheet explains the effects of the enlargement of the European Union (EU) on 1 January 2007.
  3. HMRC have placed the minutes from the JVCC meeting of 8 November and an RIA on the proposal to increase the exemption limit for Intrastat reporting.
    • The minutes from a meeting of the Joint VAT Consultative Committee (JVCC) on Wednesday 8 November 2006 are available.
    • Regulatory Impact Assessment (RIA) considers the beneficial impact of increasing the exemption threshold (from £225,000 to £260,000) above which VAT registered traders are required to complete Intrastat declarations.