For example, a royalty audit might reveal 200,000 items sold, but only 90,000 holograms used – which certainly suggests foul play. Or, there might be multi-part products where hologram usage is higher than product sales because, supposedly, each component of the final item has a separate hologram. It all sounds reasonable enough, but many times auditors will discover the final product being shipped with just a single hologram tag – which suggests that additional hologram-tagged product has been sold, but never reported to the licensor for royalty purposes. “Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd .
What are the exceptions for IFRS 15?
Also, be aware that there are some exclusions from IFRS 15, namely: Leases (IAS 17 or IFRS 16) Financial instruments and other rights and obligations within the scope of IFRS 9 (IAS 39), IFRS 10, IFRS 11, IAS 27, IAS 28; Insurance contracts (IFRS 4) and.
For detailed questions or case specific transactions you should write to or email HMRC. If you wish to write or email with a VAT enquiry you can use the post address or email form. Businesses with a dedicated team in HMRC can still contact that team for information and advice. The VAT general enquiries helpline deals with all general phone enquiries from both businesses and the public about VAT. Some features of VAT arise less frequently or only affect certain types of business.
How can a rebate management system help with accounting for rebates?
They also deal with the zero rating provided for the handling of certain ships, aircraft and cargo in UK ports and customs airports. Where imported goods are supplied between the time of their arrival in the UK and the time when an import entry is delivered to HMRC, and the new owner of the goods is required to make the import entry, the supply should be zero-rated. Some supplies by health professions and institutions are exempt, some are zero-rated and some are standard-rated. This explains which supplies of young children’s clothing and footwear can be zero-rated.
The ‘cost of the goods’ means what it would cost you to purchase the goods in question at the time of the supply. (For example, samples supplied by a manufacturer to a retailer for giving away as samples to the retailer’s customers). https://azbigmedia.com/real-estate/how-do-real-estate-accounting-services-improve-clients-finances/ Credit sale means the sale of goods which immediately become the property of the customer but where the price is payable by instalments. Conditional sale means the sale of goods where the price is payable by instalments.
Meet risks with confidence and transform your business – we support you to manage risk and deliver on your goals. Dear CEO letter for payments and e-money firms sets out regulatory expectations. Restructuring and insolvency tax Tax will often be crucial in a plan to restructure a distressed business.
- The activity must have a degree of frequency and scale and be continued over a period of time.
- But, if the supply you’re arranging by the third party to your principal is exempt, your supply to your principal in arranging that supply may also be exempt.
- These declines in revenue may arise from decreases in volume and changes in variable consideration.
- Each Placee allocated Placing Shares in the Placing will be sent a contract note stating the number of Placing Shares to be allocated to it at the Placing Price, the aggregate amount owed by such Placee to the Joint Bookrunners and settlement instructions.
- Develop and lead the execution of cross-functional implementation plans, including the evaluation of the impact to the Company, preparation of summary key issues/facts, and presentation of results to management.
Debt advisory Our debt advisory team can find the right lender to help you in restructuring. Contingency planning and administrations In times of financial difficulty, it is vital that directors explore all the options that are available to them, including having a robust ‘Plan B’. Grant Thornton Offshore Grant Thornton Offshore is our one-stop global solution for insolvency, asset recovery, restructuring and forensics services.
4 Liability of supplies
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- A number of the conditions ( and particularly) are subject to a degree of interpretation and therefore there can be some uncertainty about whether or not revenue should be recognised.
- Some features of VAT arise less frequently or only affect certain types of business.
- You must keep a record of the VAT invoices you receive for any goods or services on which you cannot reclaim VAT see paragraph 10.3.
- Special rules apply if you’re a body covered by section 33 of the Value Added Tax Act 1994.
- There’s a compulsory minimum charge for single-use carrier bags in England, Scotland and Wales.
- If you arrange exports of goods as an agent and you’re treated as making the supply to an overseas buyer under the procedures in paragraph 22.6, you may zero rate this supply.
Andrew assists UK and EU clients to optimize their supply chains from a customs perspective. As part of the Indirect Tax team, he regularly liaises with VAT colleagues to ensure all indirect tax aspects are considered. If you order via a Purchase Order your Royalty Points will be updated once your order has been processed. Royalty point totals will automatically be adjusted upon purchase of any free product.
16 Domestic reverse charge for specified goods and services
Here are the key aspects of the new international financial reporting standard – IFRS 15 Revenue from Contracts with Customers – that are expected to be particularly relevant during the COVID-19 pandemic. Actuarial and risk Grant Thornton’s Actuarial and Risk team provides market leading actuarial and risk management advice to clients in the financial services sector and further afield. We consult extensively to the life insurance, general insurance, health insurance and pensions sectors as well as providing financial modelling and financial retail accounting instrument valuation services more widely. Any statements contained in this Announcement that are not statements of historical fact are, or may be deemed to be, forward – looking statements. Given those risks and uncertainties, readers are cautioned not to place undue reliance on forward-looking statements. Our retail and consumer team can provide a full range of advisory, tax and accounting services to help our clients successfully develop their businesses to not only deal with the changing retail environment, but thrive in it.