In brief: 14 May 2020

VAT

The zero rate of VAT will apply to sales of personal protective equipment for Covid-19 from 1 May 2020 until 31 July 2020.

tinyurl.com/hmrczeroppe

Loan charge

HMRC has updated its guidance on reporting and accounting for the disguised remuneration loan charge. In particular the section on ‘how to report a disguised remuneration loan’ has been revised on the spreading of the tax charge over three years.

tinyurl.com/hmrclcgapr

Spanish VAT 

Spain has introduced a new reduced VAT rate of 4% for books newspapers and magazines. It took effect from 23 April 2020.

tinyurl.com/hmrcvatmossapr

VAT appeals

The list of VAT appeals that HMRC has lost and may have implications for other businesses has been updated.

tinyurl.com/hmrcvauapr

Capital gains tax

HMRC has launched the UK property disposals service for reporting and payment of capital gains tax on UK property disposals made from 6 April 2020 (FA 2019 Sch 2).