ARTICLE · 31 MAY 2021

V@ Update - May 2021

Reynolds Porter Chamberlain

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

News

HMRC has published draft Value Added Tax (Amendment) Regulations 2021, which will extend Making Tax Digital requirements to smaller VAT businesses from April 2022. The regulations amend Regulation 32B of the Value Added Tax Regulations 1995, to remove the exemption from the requirement to keep electronic records for taxpayers whose turnover is below the threshold for compulsory VAT registration.
HMRC has published a Call for Evidence on Simplifying the VAT Land Exemption. HMRC seeks views on the current VAT rules relating to land and property, and explores potential options for simplifying the rules. The suggested reforms are very broad and would significantly change the VAT treatment in the UK. The consultation sets out several possible fundamental reforms, including:
- making all minor and short-term interests in

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