How do you stay on top of the latest VAT news and issues that could affect your business?
Historically reading tax and accounting magazines, keeping abreast of HMRC VAT Notes and Business Briefs and attending VAT conferences has been good practice. But in this age of digital media with instantaneous methods of communications, new tax developments are disseminated and discussed at a much faster pace.
If you want to be informed on the burning tax issues of the moment then reading blogs, following tax-related tweeters and joining relevant tax forums is the answer. Many major players in the tax field, including individual experts, advisory firms and HMRC themselves, blog, have twitter accounts, LinkedIn Discussion Groups or Facebook pages on which the latest developments are highlighted, discussed and debated.
A very recent example of this was in relation to the introduction of the new VAT rules for B2C supplies of digital services. Many digital micro-businesses only became aware of the changes requiring them to charge overseas VAT to customers in other EU countries after the issue was highlighted and started trending on Twitter! This is the power of the new frontier of VAT news and information.