For Action

HMRC have issued Revenue and Customs Brief (RCB) 8 (2015) to expand on their stance on the deduction of VAT on pension fund management costs.

Revenue and Customs Brief 49/2014 provides guidance on what to do when a business raises or receives a VAT invoice offering a prompt payment discount from 1 April 2015.

Under new legislation in VATA 1994, sch 6 para 4, suppliers must account from 1 April for VAT on the amount they actually receive and customers may recover the amount of VAT that is actually paid to the supplier.

HMRC have announced new fuel rates for company cars, to apply to all journeys on or after 1 December 2014 until further notice. Employers may use either the previous or new rates for one month from the date of change, and therefore make or require supplementary payments, but are under no obligation to do either. Petrol hybrid cars are treated as petrol cars for this purpose. The amounts can be used for VAT, but employers will need to retain receipts.

HMRC have announced new fuel rates for company cars, to apply to all journeys on or after 1 September 2014 until further notice. Employers may use either the previous or new rates for one month from the date of change, and therefore make or require supplementary payments, but are under no obligation to do either. Petrol hybrid cars are treated as petrol cars for this purpose. The amounts can be used for VAT, but employers will need to retain receipts.

Conference to cover new place of supply rules