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NEIL WARREN considers the practical issues arising from the new reverse charge rule
KEY POINTS
- An explanation of the reverse charge mechanism.
- Goods sold by a UK company to EU countries are subject to UK VAT.
- Buyers must check that their supplier company is genuinely registered for VAT.
- Requirement to complete the reverse charge sales list.
Cilla Black made her name in the 1960s with the hit single 'What's it all about Alfie?' In the last few weeks I have received a lot of telephone calls from accountants asking about the new VAT rules being introduced on 1 June 2007 concerning the sale of mobile phones and computer chips to VAT registered businesses in the UK.
The question I am being asked is: 'What's it all about Neil?'
In this article I will consider the practical implications of the new rules so that advisers are clear...
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