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VAT group registration

There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes. This is known as a VAT group. Eligible persons are bodies corporate, individuals, partnerships and Scottish partnerships, provided certain conditions are satisfied. Bodies corporate includes companies of all types and limited liability partnerships.

Under a VAT group registration, the representative member accounts for any tax due on supplies made by the group to third parties outside the group. This is particularly helpful for those whose accounting is centralised. As a VAT group is treated as a single taxable person, they do not normally account for VAT on goods or services supplied between group members. Only one VAT return is required for the whole group and all members of the group are jointly and severally liable for the tax due from the representative member.

There are other important points to be aware of in respect of a VAT group registration. For example, the representative member must have all the necessary information to submit a VAT return for the group by the due date. The partial exemption de minimis limits apply to the group as a whole and not the members individually.

Source: HM Revenue & Customs Tue, 07 Dec 2021 00:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK