Spring 2013 update
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.
In this quarter's general update, Indirect Tax Partner, Lorraine Parkin covers new legislation, case law and guidance. In particular how best to structure acquisitions to minimise VAT costs on related fees. Also featured are the issues of reclaiming VAT by VAT groups and VAT in connection with the management of occupational pension schemes.
Back to Basics
VAT Club: Back to basics: What is a supply and what is not a supply?
Karen Robb, Indirect Tax Partner, talks about the concept and definition of 'supply' for VAT purposes. She explains how businesses should be aware of income streams not deemed to be supplies, and therefore, where VAT need not be paid to HMRC saving companies money.
VAT Club: International: Supply chain security
Alex Baulf, Indirect Tax Manager, outlines the importance of supply chain security and transparency. He explains the benefits of carrying out a holistic review of the supply chain to ascertain risk and opportunities. The benefits of obtaining Authorised Economic Operator status are also outlined.
VAT Club: Not for Profit: Grant funding - What to look out for
Debbie Jennings, Senior VAT Manager, talks about the importance of establishing whether something is a 'grant' and therefore outside the scope of VAT, or 'payment for a supply' and so subject to VAT. She highlights what to look out for and explains why it is imperative to plan from the outset.