Frequently Asked Questions about VAT and Customs in the Isle of Man

Will I be affected in the Isle of Man by the VAT rate change to 20% due on 4 January 2011?
What are the current VAT registration and deregistration limits?
I’ve just registered for VAT. How far back can I go to claim input tax?
I am a sole trader but have just formed a limited company. Do I need a new VAT registration?
I am selling my business as a going concern. Do I have to charge VAT on the sale?
How long do I have to keep my books and records for?
Can I pay my VAT by electronic means?
Can I just make one VAT return per year?
Can I account for VAT on a cash received basis?
How does the reduced rate of VAT on property repairs work?
I am building my own house. Can I reclaim the VAT on materials?
Is VAT payable by charities?
What are fuel scale charges and how much are they?
Option to tax rents
I have bad debts that I have already accounted for VAT on. Can I claim the VAT back?
I’ve made a mistake on my VAT return. How do I correct it?
Which countries are in the European Union?
I want to buy a new car from another EU country. How much will I have to pay in VAT when I bring it home?
I want to bring in a motor vehicle from outside the UK/IOM. Will I have to pay any VAT or other duties when I bring it home?
I am moving to the Island from outside the EU. Will I have to pay tax on my car and household items I bring with me?
I have noticed web sites on the Internet selling alcohol and tobacco. Will I have to pay duty on these if I buy them?
I am going abroad for my holidays. What are my duty free allowances?
What are the new rules regarding reverse charging on supplies of specified goods (e.g. Mobile telephones and computer chips)?
What interest rates are chargeable/payable by Isle of Man Customs and Excise?
Yacht Chartering and Leasing

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