Core Tax Annual: VAT 2011/12 (Core Tax Annuals)

This accessible guide to value added tax (VAT) in the UK provides clear and simple coverage, enabling both professionals and non-professionals confidently to grasp current VAT law. With a wealth of practical examples and written in non-technical English, this book is an ideal guide for UK tax advisers dealing with VAT, and small business proprietors. Value Added Tax 2011/12 concentrates on the rules and regulations that the reader needs to know, and highlights numerous planning points and common pitfalls. With relevant key UK tribunal and court decisions included, it will help to steer the reader through the latest VAT law. Split into three sections, the book includes sections on: 1) 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, and record keeping. 2) What you might need to know - exports, imports, removals and acquisition of goods, partial exemption, Intrastat returns, partial exemption, and the recovery of foreign VAT. 3) Special situations - information on joint ventures, second-hand goods and retail schemes, annual accounting, cash accounting, flat rates, assessment, and VAT penalties.