VAT
Pre-registration VAT on depreciating assets
HMRC currently expect you to make an adjustment for deprecation if you register for VAT and have an asset which has been used to make supplies pre-registration. However the...
Second hand schemes and VAT
Although a business might be able to take advantage of a second hand scheme in order to only account for VAT on the ‘margin’; when it comes to looking at what the measure for...
Spot the ball – exempt or taxable (for VAT)
A court of appeal ruling has agreed that these are exempt as a game of chance under the gaming exemption in VATA 1994, SC9 grp 4.
Transfer of a going concern (VAT)
If a business is transferred from one type of legal entity to another the turnover of the old legal entity must be taken into account when determining whether VAT registration...
Residential buy to lets and VAT
If you are in business as a sole trader and registered for VAT, while you do not have to account for VAT on the letting income you might be able to recover the VAT on the...
Vertical residential conversions and VAT – What is the score?
This is a bit like a football match with First Tribunal decisions going first one way and then another. Currently the score is 2-2! The point at stake is whether carrying out...
Successful outcome for one of our clients!
We recently had a very successful outcome to a VAT investigation for one of our clients. HMRC were disputing the Flat Rate Percentage applied by our client, for the period May...
VAT and tax points
Just a reminder a business has 14 days after the supply of goods or services before an invoice must be raised to create an actual tax point, and in the case of continuous...
VAT – exemption for studies taught ordinarily at school or university
Recent VAT appeals have confirmed that Pilates, belly dancing and motor cycle lessons are not classed as subjects ordinarily taught at school or university and therefore do...
Rolling stones gather no MOSS!
Nothing to do with nature! HMRC have issued guidance as to simplification measures for UK businesses trading below the VAT registration threshold (currently £82,000), that...
VAT – reduced rate on energy-saving products to increase
The Court of Justice of the EU has ruled that the 5% rate should be restricted to installations which are part of a social policy such as social housing projects and should...