This is supported by VAT
case law, which has confirmed that Driving Vehicle Licensing Agency sight tests carried out to prove motorists are safe to drive are VATable, and I would advise that this is not ignored.
Although the proposed implementation date of 1 January 2018 is a year away, SMEs that will have to register for VAT
need to start preparing now, said Neil Stewart, Head of Corporate Solutions at financial planning firm, Guardian Wealth Management.
The previous VAT
was against the tax fundamentals, it was not transparent because it included hidden taxes and was charged from only one faction of traders despite others who sell same the goods were not brought under this VAT
With falling oil and gas revenues and a need to diversify income sources, VAT
has been on the agenda of the GCC member states for a number of years.
The EU VAT
system is characterised by a series of cascading payments, with consumers paying VAT
on purchases at each stage of the supply chain.
The chairman also re-affirmed previous statements made by other GCC ministry of finance officials to the effect that the GCC countries would be ready for the first phase of VAT
implementation by the beginning of 2018.
Be aware that being VAT
registered may make you more expensive to customers that are not able to claim back VAT
and also less competitive than other companies not registered.
The loss of Scotland's VAT
contribution to the UK Government would therefore be a significant figure, but Chancellor George Osborne may argue that if consumer confidence increases spending levels as it did in 2014 then this loss would be filled by VAT
from increased high street spending and the like.
In November 2013, a total of 7176 companies were paid VAT
worth BGN 512.
However, it doesn't need to be all bad news - properly managed, registering for VAT
can actually help small firms keep more money in their bank account.
Mike Sheppard, VAT
partner at Grant Thornton in Birmingham, said: "This is good news for any business that has paid VAT
on the purchase of a property business they have not been able to fully reclaim, as there may now be an opportunity to apply for a VAT
-registered businesses in the UK will have to submit their VAT
returns online and pay electronically for accounting periods beginning on or after April 1, 2012.