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Reimbursement or disbursement

Knowing the difference is important in getting the right VAT treatment. The difference between reimbursement and disbursement is significant from the VAT point of view as reimbursements are subject to VAT, while disbursements are outside the scope of VAT. If a...

MTD – VAT return letters wrong

HMRC is aware that some ‘VAT notice of assessment of tax’ letters recently sent to Making Tax Digital customers were issued in error. If the business has already submitted the VAT return in question and paid the tax due/received its repayment, it can...

VAT: Tour operators margin scheme

New guidance as to what the selling price should and should not include. The guidance around the Tour Operators Margin Scheme (VAT Notice 709/5) has been updated, including Paragraph 6.1, which details how to work out the selling price under the Tour Operators Margin...