VAT

The Capital Goods Scheme for VAT

The VAT capital goods scheme affects input recovery relating to high-value assets, such as land and buildings. The scheme aims to correct the amount of VAT recovered when the use of the asset, between exempt and non-exempt supplies, in later [...]

2020-06-01T11:01:24+01:00June 1st, 2020|VAT|

The Numerous Quirks and Foibles of VAT

Do you know your Jaffa Cake from your Hobnob? Apart from the obvious differences, do you know why they are treated differently for VAT purposes? This is just one of the many quirks and foibles of the VAT legislation, not [...]

2019-11-11T11:34:02+00:00September 2nd, 2019|VAT|

Registering For Making Tax Digital For VAT

The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you're now obliged to keep records in digital form and file your VAT returns using HMRC-approved software. If you prepare and [...]

2019-11-11T11:34:02+00:00April 1st, 2019|VAT|

De-registering for VAT

If your business turnover is predicted to fall below £83,000 over the next year, it can voluntarily de-register for VAT. You will also need to consider how assets, stock and post de-registration expenses should be treated. Read our guide here [...]

2019-11-11T11:34:11+00:00November 6th, 2018|VAT|

VAT and three-party transactions

VAT can get very complicated when there are three parties involved in a transaction. This may happen when one party is arranging the supply of goods or services in return for a commission, but it can also occur in other [...]

2019-11-11T11:34:21+00:00October 1st, 2017|VAT|
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