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UK tax authority HM Revenue and Customs (HMRC) has said that it is aware of a new tax avoidance scheme that attempts to exploit Entrepreneurs’ Relief by turning what would be income into a capital gain. According to HMRC, individual scheme users will sell the beneficial ownership of their company…

A VAT rate of 8% applies to most goods and services. A reduced rate of 2.5% applies to certain everyday consumer goods such as foodstuffs, non-alcoholic beverages, books, newspapers, magazines, medicines, but also to tickets for sports and cultural events. Only overnight stays at a hotel (incl. breakfast) are taxed…

In Germany, all entrepreneurs who are engaged and independently active in a trade, business or profession with the purpose of generating income, are liable to value-added-tax also known as the turnover tax (Umsatzsteuer). The following information on VAT is a general overview. VAT is raised regardless of citizenship, residence, main…

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that…