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VAT Valuation Manual
Publication Date:
2023
Publisher:
Bloomsbury Professional
Copyright:
2023 Crown
VAT Valuation Manual
VATVAL - VAT Valuation Manual
Last update
: 31st March 2023
GO
Contents
Contents
Expand All
Collapse All
VATVAL00500: Data Protection
Close section
VATVAL01000: Background
VATVAL01050: Scope of this guidance
VATVAL01100: The general valuation rule
VATVAL01150: Importance of consideration
VATVAL01200: How to use this guidance
VATVAL01250: Roles and responsibilities
Close section
VATVAL02000: Monetary consideration
VATVAL02100: The law
VATVAL02200: VAT on other taxes
VATVAL02300: Standard reply to VAT on other tax queries
VATVAL02400: Mistakes in charging VAT
VATVAL02500: Examples of mistakes in charging VAT
VATVAL02600: Adjusting the value of a monetary consideration
VATVAL02700: Reductions in consideration
Close section
VATVAL03000: Apportionment of monetary consideration
VATVAL03100: The law
VATVAL03200: Basic apportionment “principles”
VATVAL03300: Is there more than one supply?
VATVAL03400: Is there a single consideration?
VATVAL03500: Whether any part of a payment can be treated as outside the scope of VAT
VATVAL03600: Liabilities of supplies in relation to which an apportionment is made
VATVAL03700: Methods of apportionment - general
VATVAL03800: Apportionments based upon selling-prices
VATVAL03900: Costs-based apportionments
VATVAL04000: Costs-based apportionments where the costs of only one supply can be identifieds
VATVAL04100: Should “uplifted costs” include an element in respect of profits?
VATVAL04200: Apportionments based upon customary selling-prices (market values)
VATVAL04300: Retrospective apportionment
Close section
VATVAL05000: Non-monetary consideration
VATVAL05100: General - distinguishing between non-monetary consideration and no consideration
VATVAL05200: The law
VATVAL05300: Establishing the monetary equivalent of a non-monetary consideration
VATVAL05400: Reconciliation of the Naturally Yours and Empire Stores decisions
VATVAL05500: Naturally Yours and open market value
VATVAL05600: Valuation of reward goods under schemes with cash commission alternatives
VATVAL05700: Reward goods sold for less than their cost to the supplier
VATVAL05800: Value of non-monetary consideration before 1 August 1992 - open market value
VATVAL05900: Barter transactions - valuation when each supply has a different value
VATVAL06000: Barter transactions - valuation when one or both supplies have no clear value
VATVAL06100: Part exchange
Close section
VATVAL07000: Special valuation provisions
VATVAL07100: Value of gaming-machine takings
VATVAL07200: Relationship between Section 19 and Schedule 6 of the VATA 1994
VATVAL07300: Connected persons - Paragraph 1, Schedule 6, VATA 1994
VATVAL07400: Extract from the Corporation Tax Act 2010
VATVAL07500: Direct selling - Paragraph 2, Schedule 6, VATA 1994
VATVAL07600: Issuing a Notice of Direction under Paragraph 2 of Schedule 6, VATA 1994
VATVAL07700: The procedure for issuing a Notice of Direction
VATVAL07800: Example of Schedule 6, Para 2, VATA 1994, Notice of Direction
VATVAL07900: Example Certificates of Issue for Notices of Direction
VATVAL08000: Example direct-selling arrangements
VATVAL08100: Open market value on a sale by retail
VATVAL08200: Non-resale goods and goods applied to own use
VATVAL08300: Treatment of gifts, prizes and reward goods
VATVAL08400: Imports - Paragraph 3, Schedule 6, VATA 1994
VATVAL08500: Prompt payment discounts - Paragraph 4, Schedule 6, VATA 1994
VATVAL08600: Other types of discount
VATVAL08700: Supplies of goods for no consideration (deemed supplies) - Paragraph 6, Schedule 6, VATA 1994
VATVAL08800: Supplies of goods for no consideration - position prior to 1 August 1992
VATVAL08900: Non-business use of business assets - services - Paragraph 7, Schedule 6, VATA 1994
VATVAL09000: Non-business use of services supplied to a business - Paragraphs 5 and 7, Value Added Tax (Supply of Services) Order 1993
VATVAL09100: Value of supplies subject to reverse charges - Paragraph 8, Schedule 6, VATA 1994
VATVAL09200: Reverse charge supplies arising under s43(2A) of VATA 1994 - Paragraph 8A of Schedule 6
VATVAL09300: Reduced - rate accommodation - Paragraph 9, Schedule 6, VATA 1994
VATVAL09400: Supplies by employers to employees - Paragraph 10, Schedule 6, VATA 1994
VATVAL09500: Valuation of supplies expressed in foreign currencies - Paragraph 11, Schedule 6, VATA 1994
Close section
VATVAL11000: Specific applications: contents
VATVAL11100: Admission/entrance fees apportionments
VATVAL11200: Business gifts and samples
VATVAL11300: Caravans - removable contents
VATVAL11500: Clubs - apportionment and valuation of membership benefits
VATVAL11700: Commissions
VATVAL11800: Construction Industry: retentions, deductions and liquidated damages
VATVAL11900: Conversions of vehicles into cars
VATVAL12000: Correspondence courses
VATVAL12100: Cover-mounted goods and promotional items in magazines
VATVAL12200: Motor dealers and manufacturers
VATVAL12300: Opticians and dispensers of hearing-aids: contents
VATVAL12400: Opticians: A worked example of an apportionment method
VATVAL12500: Racehorses
VATVAL12600: Memorandum of agreement with the British Horseracing Board
VATVAL12700: Rebates and refunds of rentals/leasing agreements
VATVAL12800: Record companies
VATVAL12900: Company vehicles used for private purposes
VATVAL13000: School Photographers
VATVAL13100: Services incidental to supplies of goods
VATVAL13200: Solicitors and other professionals: disbursements
VATVAL13300: Tour Operators and Travel Agents
VATVAL13420: Option to tax rents of tenanted pubs: Apportionment of supply covering both commercial and domestic premises
Close section
VATVAL15000: Transfer Pricing - VAT implications
VATVAL15100: Introduction
VATVAL15200: Background
VATVAL15300: Transfer Pricing (provision not at “arm's length”) rules
VATVAL15400: Compensating adjustments and balancing payments
VATVAL15500: Application of Transfer Pricing rules
VATVAL15600: Exemptions to Transfer Pricing rules
VATVAL15700: Interaction with VAT
VATVAL15800: Examples of particular situations where VAT may arise
VATVAL15900: Interaction with import VAT and customs duties
VATVAL16000: VAT assurance approach to Transfer Pricing Adjustments
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