Bloomsbury Professional Core Tax Annual: VAT 2016/17 (Core Tax Annuals)

This accessible guide to VAT provides clear and simple coverage, enabling both professionals and non-professionals confidently to grasp current VAT law. With a wealth of practical examples and written in non-technical English, this book is an ideal guide for tax advisers dealing with VAT, and small business proprietors. Value Added Tax 2016/17 concentrates on the rules and regulations you need to know, and highlights numerous planning points and common pitfalls. With relevant key tribunal and court decisions included, it will help to steer the reader through the latest VAT law. Value Added Tax is split into three sections to help you: What you must know: Including an outline of the system, VAT groups and returns, registration, charge and supply issues, what is reduced and zero rated, exceptions, credit notes and record keeping. What you might need to know: Covers exports, imports, removals and acquisition of goods, partial exemption, Intrastat returns, partial exemption and the recovery of foreign VAT. Special situations: Includes information on joint ventures, second-hand goods and retail schemes, annual accounting, cash accounting, flat rates, assessment and VAT penalties. CONTENTS Chapter 1 How VAT works an outline of the system Chapter 2 Where to find the law Chapter 3 When to register and deregister for VAT Chapter 4 VAT groups Chapter 5 The VAT return Chapter 6 So what must VAT be charged on? Chapter 7 Time of supply when VAT must be paid Chapter 8 The value of supply rules Chapter 9 So what is reduced-rated? Chapter 10 So what is zero-rated? Chapter 11 So what is exempt? Chapter 12 Is there one supply or two? Chapter 13 What can a business recover input tax on? Chapter 14 What is a valid tax invoice? Chapter 15 Credit notes Chapter 16 Bad debt relief Chapter 17 What records are required? Chapter 18 VAT housekeeping for finance directors Chapter 19 How does a business keep up to date on changes in VAT? Chapter 20 Exports and removals of goods Chapter 21 Imports and acquisitions of goods Chapter 22 EC Sales Lists and Intrastat returns Chapter 23 Exports and imports of services Chapter 24 Partial exemption Chapter 25 The Capital Goods Scheme Chapter 26 Property Chapter 27 Recovery of foreign VAT: the 8th and 13th Directives Chapter 28 What is a business? Chapter 29 Agency is special Chapter 30 Joint ventures Chapter 31 The Second-hand Goods Scheme Chapter 32 The Retail Schemes Chapter 33 Annual Accounting Scheme Chapter 34 Cash Accounting Scheme Chapter 35 The Flat Rate Scheme for Small Businesses Chapter 36 The Flat Rate Farmers Scheme Chapter 37 The Tour Operators Margin Scheme Chapter 38 Buying or selling a business Chapter 39 Assessment and VAT penalties Chapter 40 Taking an appeal to the Tribunal