The main HMRC reference guide to VAT has been updated. The latest version of Notice 700 entitled The VAT Guide cancels and replaces the previous version published and any subsequent updates.

The notice is intended to be HMRC’s main reference guide to VAT and is now available on the GOV.UK website. There have been a number of amendments including updated guidance in relation to hire purchase agreements and in relation to unfulfilled supplies and deposits.

The notice provides:

• A guide to all the main VAT rules and procedures


• Help with the problems faced by business


• References to more specialised publications

The notice includes sections on:

• The administration of VAT


• An introduction to VAT


• A general explanation of VAT


• Output tax


• Input tax


• Time of supply


• VAT invoices


• VAT returns

Paragraph 7.6 of the notice has the force of law under VATA 1994. The section concerns the requirement that for VAT purposes amounts of money must always be expressed in sterling. The basis for doing so is also detailed in paragraph 7.6.