VAT Blog
Latest news, thoughts and articles from the world of VAT.
VAT on transactions between associated businesses: Back to basics part 2
This is the second of 3 posts discussing VAT on transactions between assocated businesses. In this post, I'll be taling about terminology and how otherwise everyday words or phrases can have quite different meanings for VAT. Remember the basic principle - you can...
Back to basics: Transactions with associated business
One of the most common problem areas in VAT is dealing with VAT on transactions with associated businesses. This includes sharing out the office rent or raising a management charge for directors' services. This is the first of 3 posts that I'm planning on the...
COVID; answering your queries and the new rules for sub-contractors
I cannot believe that it's already April. If, like me, you have have been affected by COVID either medically, professionally or for any other reason, then chances are you're struggling a bit even if you're past the worst. God Bless to anyone who is struggling...
November newsletter and new podcast
Another busy week! With the Chancellor's autumn statement this week, it's going to be particularly busy for businesses. And with 1 January almost here, any businesses involved with EC trade MUST ensure that they have updated their systems to be compliant for leaving...
New VAT podcast now online
Check out my first VAT podcast: What is VAT? How does it work? The difference between taxable and exempt supplies. https://lnkd.in/ekvKgUs
Not another VAT newsletter; September 2020
Hi there Lots of everyday VAT issues this month. Stamp duty and VAT: Revenue & Customs Brief 20/11 https://tinyurl.com/y32bdmzb contains guidance for landlords when the terms for leases with existing clients are varied. Very helpful guidance at this time when...
What do you do when HMRC gets it wrong?
I'm sure that most of us have received a decision from HMRC about tax that we feel is wrong. You may think that a similar business is paying less VAT, or you may disagree with HMRC’s interpretation of the rules; or in some cases you feel that they have just given you...
VAT and the reduced rate for residential renovations
The most common query I receive about VAT and residential renovations is if/how you, as the property owner, get the 5% reduction for goods and materials. Unfortunately, you can't. This is because the 5% ONLY applies to goods and materials that are supplied and...
Who really benefits if the government reduces the VAT rate?
It's good that the shops are beginning to open and we're getting some sense of "normality" back into our lives. To say that it will be a long road back is an understatement. And, of course, every commentator seems to have their own ideas about how the government can...
Property developers, VAT and COVID 19: READ THIS
Property developers, VAT and COVID 19 As if there’s not enough to think about at the moment, property developers need to be extra careful with short term lets of new or newly converted domestic properties. Or they could end up with unexpected VAT bills. The property...
Renovations: the difference between the 2 year and the 10 year unoccupied rules….
Spring must be in the air because I'm receiving lots of queries about renovations and conversions. Or maybe it's the effect of Brexit? Either way things seem busier in the property world at the moment. 2 year and the 10 year unoccupied rules One of the issues that...
Brexit, MOSS and the end of an era
So it's happening. The UK is formally due to leave the EU at 11pm this Friday, January 31, 2020. This is a key event for the UK, particularly business owners who have to deal with the practical implications of Brexit. HMRC guidance HMRC has issued a LOT of guidance...
You can ONLY claim VAT that has been correctly charged
I have tried to come up with an interesting and snappy title for this blog. But I just can't think of one. So I decided to go straight for the jugular and state the obvious: you can ONLY claim VAT that has been correctly charged. This means that VAT registered...
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VAT on transactions between associated businesses: Back to basics part 2
This is the second of 3 posts discussing VAT on transactions between assocated businesses. In this post, I'll be taling about terminology and how otherwise everyday words or phrases can have quite different meanings for VAT. Remember the basic principle - you can...
Back to basics: Transactions with associated business
One of the most common problem areas in VAT is dealing with VAT on transactions with associated businesses. This includes sharing out the office rent or raising a management charge for directors' services. This is the first of 3 posts that I'm planning on the...
COVID; answering your queries and the new rules for sub-contractors
I cannot believe that it's already April. If, like me, you have have been affected by COVID either medically, professionally or for any other reason, then chances are you're struggling a bit even if you're past the worst. God Bless to anyone who is struggling...