MHA MacIntyre Hudson’s Motor Specialist Team has seen a significant rise in HMRC enquiries at both franchised dealers and car supermarkets.
There is widespread agreement that climate change is a major threat to our futures and the motor industry is taking an innovative lead by developing alternatives to the traditional carbon producing internal combustion engine (ICE).
With the April 1 deadline for the introduction of the HMRC's Making Tax Digital (MTD) platform for VAT now upon us, Alison Horner, partner and head of VAT at MHA MacIntyre Hudson, gives her top tips on how to survive the new system.
The effect of changes announced by HMRC this week relating to how VAT applies to PCPs will be “limited” as long as sensible residual values are being set by finance companies, says Startline Motor Finance.
The HMRC has announced a policy change in the VAT treatment of PCP vehicle sales which is likely to have a major impact on the future of the car retail market.
The Independent Garage Association (IGA) has published a self-help ‘Garage Guide to Making Tax Digital for VAT’ handbook to assist independent garages with their compliance to the HMRC’s new VAT legislation.
A used car dealer already convicted of tax avoidence after failing to pay £1.1 million in taxes from his home-based retail operation has been jailed for three years.
Making Tax Digital (MTD) for VAT is being introduced by HMRC next year and presents a huge change for dealers, as HMRC seeks to digitise the administration and collection of tax.
The Miles Consultancy (TMC) has launched a new TMC Automotive smartphone app which aims to help dealers reduce overheads and HMRC compliance around fuel and mileage costs by tracking business journeys.
HM Revenue & Customs (HMRC) decides dealer deposit contributions are not subject to VAT and invites claims to recover overpaid output tax.
In severe cases of abuse, where fraudulent intent can be established, an individual may be prosecuted in a criminal court. Dealers will be affected by the implementation of these new rules.
There are many areas of motor retail that can be subject to VAT risk and failing to apply the right VAT treatment in these situations can lead to assessments for underpaid VAT and the threat of penalties and interest.
The manufacture of cars and commercial vehicles has increased enormously worldwide – more than 25% in the last decade alone.
A car dealer from Bury has been handed a 22-month suspended jail sentence after failing to declare his true income or register his business for VAT.
The former owners of a Maidenhead motor dealership who illegally claimed an £86,000 VAT repayment have been sentenced.
Car dealerships have been warned to “exercise caution” when making plans to accommodate the new National Living Wage rate of £7.20-an-hour which it comes into force tomorrow.
A car supermarket boss has been jailed for two years after channeling financial transactions related to 900 vehicles through a valet’s bank account to avoid paying tax.
Dealers have been warned that resolving compound interest claims may take ‘longer than expected’ after the HMRC were given leave to appeal the Littlewoods case at Supreme Court.
Activity relating to the VAT treatment of dealer deposits and a possibility some dealers have declared too much VAT has led HMRC to review dealer incentives.
The revised rules on calculating employees’ annual benefit in kind (BIK) charge came about against a back cloth of suspicion that employees were obtaining an unfair tax advantage
