VAT Club


VAT Club provides you with regular updates on current hot topics in the world of VAT and other indirect taxes, from Grant Thornton's specialist team. We focus on practical and commercial indirect tax issues, with content regularly driven by feedback from our clients. 

Headline Updates

The final countdown: 8 'must-dos' for the 2015 VAT changes

With only a month to go until the VAT 'place of supply' changes come into effect and with HMRCs MOSS scheme now open, businesses need to ensure that they are fully prepared.

The changes will affect organisations which supply telecommunications, broadcasting and electronic services to customers in EU member states. As of 1 Jan 2015 , businesses will be required to account for VAT on supplies to final consumers (so called B2C supplies) in the country where the customer is located at the time of supply.

Read our article: An overview of the key areas that you need to consider before the 1 January 2015

How automation can enhance your indirect tax systems

The global indirect tax environment is highly complex and businesses with global or multi-jurisdictional operations are subject to multiple international supply chains requiring different VAT registrations and controls. Existing Enterprise Resource Planning (ERP) systems often have limited functionality in relation to VAT reporting which can generate numerous pressure points for the accounts team. Finding the right solution for your organisation is important and while there may be no 'one-size-fits-all' solution, there are a number of options available and understanding your options is key.

Watch our presentation: A look at the value of automation within VAT processes and solutions that could help simplify your indirect tax processes.

 

Back to Basics 

What holding companies should be looking out for in light of new VAT guidelines

HMRC recently issued an update to its policy in relation to the recovery of input VAT incurred by holding companies. Recent cases indicate that HMRC are examining the recovery of input tax by holding companies very closely. As an issue that will impact a large number of companies, non- compliance could pose a number of on-going threats that need to be addressed.

Watch our video: An update on the revised HMRC guidance for holding companies and our top three risks of non-compliance and how to address them.


Sector Updates

Charities can benefit from VAT reliefs for research equipment- but need to avoid the pitfalls

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VAT legislation allows a zero rate to be applied to the purchase or hire of certain research equipment by charities. Whilst the rules may appear straightforward at first glance, grey areas within the legislation, limitations within organizations and the nature of the charitable work undertaken may well cause difficulties in claiming this relief.

Read our article: A look at common pitfalls for charities in identifying when these reliefs may be applicable and how internal procedures or adjustments can ease the claim process

Tenant lease incentives: Are you paying the right VAT?

In the current market conditions commercial landlords are increasingly using incentives to help boost profitability of their property portfolios. However this exercise can impact on the VAT treatment, which can easily be overlooked.

Read our article: A quick review of VAT treatment on leases and a brief overview of some common scenarios experienced when managing VAT on lease incentives .

 

Contact us

Scotland
Stuart Brodie
stuart.brodie@uk.gt.com

London & South
Karen Robb
karen.robb@uk.gt.com

Andrea Sofield
andrea.sofield@uk.gt.com 

Richard Gilroy
richard.gilroy@uk.gt.com

Keep up to date

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General updates

Back to basics

Sector updates:

Land and property

International

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