Guide on General Partnerships and who is responsible for paying VAT to HMRC and how VAT recovery works. Introduction A Limited Partnership is a form of investment vehicle used mainly by companies or individuals to secure investment for projects or private equity holdings. These partnerships will contain: A General partner who is responsible for the day to day management and administration of the partnerships investments and assets and has unlimited liability for the partnerships debts and obliigations. Limited partners make investments in the partnership but do not have any responsibility for the day to day running of the firm and their liability is limited to their initial investment in the firm. Accounting For VAT The General Partner will be the individual or company that will have to register for VAT once they exceed the VAT threshold and will also be responsible for filing VAT Returns and paying VAT on behalf of the partnership. The Limited Partners will have no obligations in relation to VAT reporting. The General Partner will typically charge and invoice the Limited Partners for Management Fees for managing their investments / running the business and this will include Output VAT if they are registered for VAT. The General Partner will also incur cost in relation to managing and administering the partnership. Some of these costs will include Input VAT which the General Partnership can recover depending on their Partial Exemption Recovery Rate. -Contains public sector information licensed under the Open Government Licence v3.0. Limited Partnerships and VAT

VAT Guide - Rules on how to correct errors you discover and whether you can correct them on your VAT return or by Error Correction Notices submitted to HMRC Introduction Whilst VAT errors will occur in most businesses from time to time, it should still be a key priority of a business to ensure there are robust controls within its VAT reporting process to minimise and mitigate against such errors. Failure to do so, can result in repetitive errors and the need to submit Error Correction Notices (ECN's) to HMRC which can result in penalties and cause reputational damage to the business. Examples of such errors can range from: The amount of VAT payable or receivable being recorded incorrectly within the accounting system Incorrect amounts of output VAT paid or Input VAT recovered from HMRC on previous returns Failure to keep up to date with Legislative changes and as such incorrect VAT rates or treatments applied to transactions VAT Errors can be broken down in to two categories: Errors Made in the Current VAT Return period These are errors made and discovered within the current VAT reporting period prior to submitting the current quarters VAT return. For such errors, corrections should be made within the systems in the same period to ensure the correct VAT is reported on the VAT return sent to HMRC. Errors Discovered that Relate to Prior VAT Return Periods up to 4 Years old Errors found up to four years old from the return period of discovery can be corrected using one of the two methods detailed below depending on the value of the error. Methods for Correcting Errors Method (1) Using method 1, corrections for errors on past returns can be made on the current quarters returns provided the net value (box 1 / box 4) of the errors does not exceed : £10,000 Between £10,000 and £50,000 but does not exceed 1% of the box 6 figure on the current period return. Where errors do not meet the above conditions, then method 2 must be used. Note: Method 2 must be used where it is discovered that the error was deliberately made. Method (2) Method 2 must be used where the net value of the errors: Is between £10,000 and £50,000 but greater than 1% of the box 6 figure of the current quarters VAT returns Is greater than £50,000 Errors on previous returns were made deliberately To use method 2, a business must make an Error Correction Notice by completing the HMRC online form or in writing. See link below. How to correct VAT errors and make adjustments or claims ... Note: Businesses can use Method 2 even where the net value of errors does not exceed £10,000 or are between £10,000 and £50,000 but not greater than 1% Output VAT Output VAT will either be over declared or under declared in previous VAT returns and thus a payment will either be due or a refund from HMRC following submission of a Error Correction Notice (ECN). Input VAT Input VAT will either be over or under recovered on previous VAT returns and thus a payment will either be due or a refund due from HMRC following submission of an Error Correction Notice (ECN). Note: If an invoice was received from a supplier with VAT in a previous VAT return period but the VAT was not recovered in that period, then the input VAT will need to be recovered via Error Correction Notice and not included in the next return. Time Limits for Making The time limit for correcting errors is 4 years from the period the error was discovered. So for errors discovered in April 2022, corrections can be made for periods going back to April 2018. Adjustments That are Not Errors There are a number adjustments that are part of the normal accounting and VAT reporting process and are not errors as described above and examples are listed below: Issue of debit and credit notes Capital Good Scheme Adjustments Partial Exemption Adjustments Bad Debt Relief Adjustments Protective Claims There is also the facility for businesses to submit Protective Claims to HMRC where there is a potential over payment of Output VAT or under recovery of Input VAT but there is a risk that Error Correction Notices will not be submitted by the business on time to prevent the claims going outside the 4 year time limit cap. Protective claims will often be submitted to HMRC where: The business is still in the process of collating the information required to submit an ECN to recover VAT from HMRC. There are differences of opinion on specific treatments for VAT and the business is discussing or challenging HMRC's position. There are collective industry claims or challenges at VAT Tribunals or in the courts and the outcomes are not imminent There are ongoing competitor claims or challenges against HMRC positions in the UK courts. -Contains public sector information licensed under the Open Government Licence v3.0. VAT Errors - Guide on How to Correct VAT Errors

Privacy Policy At VATDIGITAL.COM, we respect your privacy and are committed to protecting your personal data. Our website collects visitor analytics and IP addresses solely to understand how users interact with our site and improve your experience. Any personal data you provide through enquiry emails, contact forms or via our VAT Digital AI Advisor is used exclusively to communicate with you and is never shared with third parties. Note - this website contains links to other websites relating to VAT, GST and other Taxes and as such our privacy policy does not extend to the accessing of these websites. We recommend that you review the privacy policies of any websites visited via links on our site. If you have any questions about our privacy practices or how we handle your data, please feel free to contact us at enquiries@vatdigital.com A ll information and data contained on this website is to provide a general understanding of VAT and highlight current issues relating to VAT. Under no circumstances does the information and data contained constitute professional advice and as such any reliance placed on this information or data is strictly at your own risk. Professional advice should be independently sought and no representation or any warranty either expressed or implied is given to the accuracy or completeness of the information or data contained on this website. VATDIGITAL.com Making VAT Simple Anthony Ene - Founder Legal Disclaimer

Read our Guid on GST in Jersey, Including GST rates, Exemptions, goods and services that are zero rated, the requirements around GST registration and much more. Jersey-GST Guide Goods and Services Tax (GST) - Is a consumption tax levied on certain goods and services purchased or imported into Jersey GST Registration for Businesses Trading in Jersey You can register for GST, as long as your business already has a Jersey Tax Identification Number (TIN). Use the link below to register for Jersey GST Register for GST The Standard Rate The standard rate of GST is 5% on most goods and services in Jersey. Zero-rated goods and services In Jersey, GST is rated at 0% for: Buying, selling or renting accommodation Exports The supply of international services where the benefit is received in a country outside Jersey GST exempt goods and services In Jersey, the goods and services specifically exempted from GST under the law are: Financial services Insurance Postal services Medical supplies Medicines on prescription Supplies by charities Registered child care Some burial and cremation services School fees GST Other Tips - If a business adds a service charge to your bill, then it is subject to GST. If you leave a tip, it isn't. Prescriptions - No GST is charged on prescriptions if you are entitled to claim pharmaceutical benefit under the Health Insurance (Jersey) Law 1967. House sales, rent and housebuilding - You don't pay GST on house sales, transfers or leases. Loans and mortgages are exempt from GST. Hire purchase, conditional sales or credit sales are also exempt. Businesses that charge GST GST should only be charged by a business which is registered for GST with Revenue Jersey. Jersey businesses with a turnover in excess of £300,000 in any 12 month period are required to register for GST and charge it to their customers, although some smaller businesses voluntarily register. Any overseas retailer, or online market, who sells goods to non-business consumers in Jersey and those goods are despatched from an overseas location to Jersey, must register and account for GST if their turnover from such sales exceeds, or is likely to exceed, £300,000 per annum. Smaller overseas retailers may also voluntarily register. Overseas retailers include sellers who supply goods in response to orders taken on their website, a third party website or through catalogue or similar sales. This only applies to goods and not digital services. Overseas retailers may also opt to register for GST even if you don't reach the threshold. What Must be Included on an Invoices Issued by GST Registered Businesses GST registered businesses must also normally include, on all invoices: Details of their address and GST number The name of the customer, together with a description of the goods and / or services provided The total cost and the GST charged However, retailers (i.e. those making the majority of their sales to the general public) can provide simplified invoices, unless you request a full GST invoice. For more specific information regarding Jersey VAT, please visit the Jersey Tax Authority website Goods and Services Tax (GST). Source - gov.je

VAT Guide for the Netherlands including VAT rates, VAT registrtaion, imports and exports and much more. Introduction There are 3 different rates of VAT in the Netherlands: 0% Zero Rate = Exports of Goods or Services 9% Reduced Rate = Food & Drink, Newspapers, Magazines, Agricultural Products and Services, medicines 21% Standard Rate = Applies to goods and services that do not fall under above or are not exempt. Click on the button below for more information about VAT in the Netherlands. How VAT Works in the Netherlands netherlands - Vat