Calcvat

Section 4.1 of VAT Notice 703 applies as the supply is being made in the UK and is subject to VAT. If the vendor is handling the export and refunding VAT upon receipt of export documents, you don’t need to register for VAT. However, if VAT is charged and not refunded directly, you would need to register and reclaim it as input tax. Confirming the vendor’s process for handling export VAT is advisable.

There’s no immediate requirement to report gifts to HMRC, including the £500,000 your mother gave you. However, gifts may have inheritance tax (IHT) implications if the giver passes away within seven years. It’s a good idea to keep records of the gift, such as the amount and date, for future reference. If you’re unsure or need further guidance, feel free to contact us for clarification.