ARTICLE · 26 APRIL 2021

V@ Update - March 2021

Reynolds Porter Chamberlain

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Welcome to the March 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.

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Rebekka Sandwell

Welcome to the March 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.

News

HMRC has updated its guidance on paying VAT payments which were deferred between 20 March and 30 June 2020, due to coronavirus. The guidance has been updated to add information about how to join the VAT deferral new payment scheme and a link to join the scheme has been added. Read more
HMRC has published transitional guidance on the VAT treatment of transactions of specified supplies of finance and insurance services. The guidance follows the changes made to the Value Added Tax (Input Tax) (Specified Supplies) Order (SSO) 1999, which came into effect at 11pm on 31 December 2020. Affected businesses are those, including banks, investment managers, insurers and brokers, which supply (i) certain financial services from the UK to persons belonging in the EU; and (ii) services in connection with an export of goods to persons

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