Core Tax Annual: VAT 2012/13 (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 confidently to grasp current VAT law. With a wealth of practical examples and written in non-technical language, the book is an ideal guide for UK tax advisers dealing with VAT, as well as for small business proprietors. VAT 2012/13 concentrates on the UK's rules and regulations, and it 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. Split into three section, the book contains the following coverage: a) what you must know, including 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; b) what you might need to know, including exports, imports, removals and acquisition of goods, partial exemption, Intrastat returns, partial exemption, and the recovery of foreign VAT; and c) special situations, including: information on joint ventures, second-hand goods and retail schemes, annual accounting, cash accounting, flat rates, assessment, and VAT penalties.