Changes to VAT around compensation payments, strategic support for the UK motor industry, and the future of road charging are key subjects that should be tackled by the Chancellor in March’s Budget, says the Vehicle Remarketing Association (VRA). All three issues are likely to impact on the remarketing sector either in the short, medium or
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VAT changes, support for UK motor industry and road charging should all be tackled in Budget, says VRA
The HM Revenue and Customs’ (HMRC) willingness to challenge sales values used in VAT calculations has been highlighted in a VAT appeal judgement, according to ASE.
ASE’s tax director Michelle Malone said: “The N & M Walkingshaw case considered whether prior to 1992 an over allowance on a part exchange vehicle could be treated as a discount on the sale of the new vehicle. This would have led to a reduction in the amount of VAT that had to be declared
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