- HMRC has updated VAT Notice 700/1 – Who should register for VAT
- Changes are to para 2.7 – Specified Supplies for describing business activities during application process
- 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 if made outside the UK
- Businesses making Specified Supplies can register for VAT on a voluntary basis and claim UK input tax
- Amendment requires businesses to clearly state ‘SPECIFIED SUPPLIES’ during application process to avoid delays and queries from HMRC
Source: deeksvat.co.uk
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.
