Core Tax Annual: VAT 2013/14 (Core Tax Annuals)

This accessible guide to the UK's Value Added Tax (VAT) provides clear and simple coverage, enabling both professionals and non-professionals to confidently grasp current UK VAT law. With a wealth of practical examples and written in non-technical English, the book is an ideal guide for tax advisers dealing with VAT and small business proprietors. Value Added Tax 2013/14 concentrates on the UK rules and regulations and highlights numerous planning points and common pitfalls. With relevant key tribunal and court decisions included, it will help to steer the reader through the latest VAT law. The book is divided into the following three sections: *** What you must know (an outline of the system * VAT groups and returns * registration * charge and supply issues * what is reduced and zero rated * exceptions * credit notes * record keeping) *** What you might need to know (exports * imports * removals and acquisition of goods * partial exemption * Intrastat returns * partial exemption * the recovery of foreign VAT) *** Special situations (information on joint ventures * second-hand goods and retail schemes * annual accounting * cash accounting * flat rates * assessment * VAT penalties)