- HMRC has updated VAT Notice 700/1 regarding VAT registration
- Changes have been made to para 2.7 regarding Specified Supplies
- Businesses affected include those supplying finance, insurance services, or investment gold outside the UK
- Specified Supplies are exempt from VAT in the UK but taxable outside the UK
- Businesses making Specified Supplies can register for VAT on a voluntary basis
- It is recommended that businesses in the specified categories consider registering in the UK
- Businesses must clearly state ‘SPECIFIED SUPPLIES’ during the application process to avoid delays and queries from HMRC
Source: marcusward.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "United Kingdom"
- Understanding VAT: How It Works, Its Impact, and Options for Reform in the UK
- UK Tribunal Rules Locum Doctor Supplies via Agencies Are VAT Exempt for NHS Trusts
- VAT Rules for Workwear, Uniforms, and Staff Clothing: What Businesses Need to Know
- Understanding E-Invoicing: Benefits, Challenges, and the Future for UK Businesses and Government
- How Overseas Businesses Can Reclaim UK VAT: Eligibility, Deadlines, and Key Conditions
