Please can you give me some more information on the VAT changes which started in 2010?

Changes to EC VAT accounting came into force on the 1st January 2010 – though we have mentioned this before, it is important that anyone involved in intra-EC trading understands the implication of the changes as some adjustments to systems and some planning will be required. 2010 is a bit of a misnomer as well, as that heralds but the start of a number of changes ranging over about four years. Key areas are:

1.      Introduction of an electronic Vat refund scheme replacing the current EC 8th Directive procedure

2.      Monthly rather than quarterly filing of EC Sales Lists for goods and halving the time allowed for their submission

3.      Switching the place of supply rules for many services

4.      Extending the scope of the Reverse charge for services supplied to and received from outside the UK

5.      The introduction of quarterly EC Sales Lists for services subject to Reverse Charge

These changes in 2010 mark the start of a five year rolling programme of EC VAT simplifications. We have an interesting Business Review covering the changes in a bit more detail which we are happy to email free of charge to anyone wishing to receive some more information. Send your request to info@strongandherd.co.uk.

 

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