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.
HM Revenue & Customs (HMRC) decides dealer deposit contributions are not subject to VAT and invites claims to recover overpaid output tax.
Gerry Myton, head of VAT at Harwood Hutton, shares some taxation advice for dealers
Dealers hopes for another VAT windfall have been dashed. The Supreme Court yesterday overturned earlier positive court decisions in relation to Littlewoods’ claim for compound interest on overpaid VAT.
A Luxury car dealer has been ordered to pay back £2 million to the HMRC or face a further decade behind bars for his VAT fraud offences.
Dealers are being urged to ensure staff involved in the sale of adapted vehicles for disabled customers are aware of new VAT guidelines.
A used car dealer who pocketed £1.1m in tax he should have paid for profits from his business, escaped a potential eight years in jail with 300 hours of unpaid work and a curfew.
The forthcoming budget is likely to see major changes to the ability of dealers to sell vehicles to disabled customers VAT-free.
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.
There are many areas of motor retail that can be subject to VAT risk and failing to apply the right VAT treatment can lead to assessments for underpaid VAT and the threat of penalties and interest.
Accountancy and business advisory firm BDO is hosting a webinar for motor retailers on VAT matters.
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 proposed legislation specifically distinguishes repair works when they are performed under a contract of insurance.
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 UK’s Supreme Court has ruled that a KPMG scheme to enable dealer group Pendragon to recover VAT on demonstrator cars sold as used cars was “abusive”.
Dealers’ claims for compound interest took a move forward last week, with a win for Littlewoods at the court of appeal, says ASE.
