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EU Tax Rule Change - Serious Challenge for Business?

EU Tax Rule Change – Serious Challenge for Business?

> HMRC will publicise its interpretation of the new changes to EU Services VAT rules tomorrow. The announcement, which coincides with the Budget, could create a serious challenge for UK businesses. The legislative changes will mean businesses providing or purchasing services from the EU will be required to adopt a tax point based on either the time of supply of services, or the time of payment, whichever is earlier – the convention of using the invoice date will no longer apply. Kevin Misselbrook, customer services director for Access Accounting, commented, “With these new rules, businesses will have to track the dates of delivery that the services were provided, and account for VAT accordingly. Things get really complicated with invoices that cover multiple deliveries of servi... »