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Gearing up for VAT?; Trademark transfer; ISA problem; International landlord
Gearing up for VAT?
Is a business that arranges car sales liable to include proceeds in turnover?
HMRC guidance at VTAXPER37820 and VATA 1994 s 47(2A) seems to indicate that if an ‘agent [is] acting in his own name’ for a supply of goods their value and the agent’s own commission must be included to decide whether the VAT turnover has been breached.
On the meaning of ‘acting in his own name’ the manual says: ‘If an agent issues his own invoice albeit on behalf of his principal he will be regarded as acting in his own name. The issue of an invoice will be the determining factor in most cases; but if invoices are not issued or appropriate the role that the agent plays in effecting the transaction must be taken into account.
‘If the agent plays a minor role in the...
