HMRC has updated its guidance on the VAT partial exemption treatment relevant to businesses who supply goods by way of hire purchase agreements. A policy paper entitled Revenue and Customs Brief 8 (2020): change to partial exemption VAT treatment was … Continue reading Changes To The VAT Partial Exemption
An introduction to VAT Value Added Tax, (VAT) is the tax you have to pay when you buy goods or services. The standard rate of VAT in the UK is 20%, with about half the items households spend money on subject to this rate, but following Rishi … Continue reading A Guide: VAT Reduction For Hospitality and Tourism
The Coronavirus pandemic has seen a surge in individuals growing their own produce at home or on allotments, and with garden centres re opening, many will want clarification on the VAT treatment of items such as grow-your-own herbs which come with a … Continue reading VAT and Plant Growing Kits
The current government position is that the UK will leave the European Union on 31st January 2020. This will have an impact on EU VAT refund claims (formerly known as 8th Directive Claims). The latest guidance published on the HMRC Website 18 … Continue reading Deadline for Pre-Brexit EU VAT Refund Claims approaching fast 5pm 31st January 2020
The experts at Croner Taxwise share their top 5 VAT myths… 1.Client is adamant that their car dealer has advised them that VAT incurred on the purchase of an electric car is recoverable in full. MYTH 2. A building or a piece of land is … Continue reading VAT Myths Exposed
Q: My client is a chef and has built up a successful website subscription service supplied to individuals. In return for the subscription payments, customers can sign in to the website, download PDF recipe cards, watch pre-recorded content and … Continue reading VAT Question Of The Week – VAT MOSS and No-Deal Brexit
Q: My client is an independent mortgage advisor, who is not VAT registered. Her turnover is above £85,000 and all of her income is either commission, which is paid by UK lenders, and flat fees received from customers seeking a mortgage. In the last … Continue reading VAT Question Of The Week – Financial Intermediaries
My client recently purchased an empty 3 bedroom bungalow that hasn’t been lived in for 4 years. He intends to spend £30k extending and refurbishing the property into a 4 bedroom house, which he and his family will move in to. He has the skillset to … Continue reading VAT Question Of The Week – Renovation Of An Empty Dwelling
On 1st October 2019, changes are coming for those in the construction industry as the new VAT reverse charge system is introduced. Brexit will not impact this change as it is a domestic VAT rule. So here we aim to answer some FAQs for those that will … Continue reading VAT Domestic Reverse Charge For Construction – What You Need To Know.
Making Tax Digital Is Live Making Tax Digital (MTD) is live for VAT and has been since 1st April, and yet here we are 4 months on with business owners still struggling to comply, whether it's filing or making payments, only today business owners … Continue reading Are You Struggling with HMRC’s Making Tax Digital?
A client purchased a car for use in her business, which the dealer said was a qualifying car. My client took this to mean that she can recover the VAT but I disagree. Obviously, my view has not gone down well with the client, but am … Continue reading Vat Question Of The Week – Qualifying Cars
Q: A client is an insurance company, they are VAT registered and partially exempt (85% exempt/15% taxable). They have invested £200,000 in bespoke computer software. The software was written for them by an Israeli company, who are … Continue reading Vat Question Of The Week – Reverse Charge From Overseas