Acquisitions

 

A person must notify HMRC of his liability to register if (VATA 1994, Sch. 3):-

 

    • He acquires in the course or furtherance of a business in the United Kingdom, taxable goods from a person in another member state

 

    • That person is registered in that member state and

 

    • The acquisitions in a calendar year exceed the acquisition tax threshold which mirrors the ordinary registration threshold and currently stands at £67,000.

 

 

 

 

In deciding whether a person has exceeded a threshold, again the following supplies should be ignored:-

 

    • Goods subject to excise duty

 

    • New means of transport and

 

    • Goods installed or assembled at the customer’s premises.

 

 

Call KinsellaTax NOW on 0800 471 4546 for help and advice with your HMRC tax investigation

 

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