HMRC Explains VAT Changes Taking Place In 2018
by Jason Gorringe, Tax-News.com, London
19 December 2017
On December 14, 2017, HM Revenue and Customs issued its final VAT Notes report for this year, setting out a number of changes impacting value-added tax-registered persons in 2018.
From January 13, 2018, HMRC will no longer accept payments made from personal credit cards. Corporate, business, and commercial credit cards are not affected.
From January 1, 2018, new rules are being introduced on the disclosure of avoidance schemes covering value-added tax and other indirect taxes, which will replace the existing avoidance disclosure rules exclusively covering VAT so that these apply to all indirect taxes.
Under the changes, businesses that promote avoidance schemes will need to disclose the indirect tax schemes they devise and sell. Guidance on the changes is to be released soon.
Finally, from April 1, 2018, businesses will be able to apply online for the Fulfillment House Due Diligence Scheme.
From April 1, 2019, all registered fulfillment businesses will need to comply with new record keeping and due diligence obligations. The scheme will apply to fulfillment businesses that store any goods imported from outside the EU that are owned by, or stored on behalf of, someone based outside the EU.
The deadline for applications from fulfillment businesses falling within the scope of the scheme is June 30, 2018. HMRC will check applications to make sure that fulfillment businesses are "fit and proper" to be on the register, before they're approved.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »