VAT – partial exemption changes

HMRC have announced changes to the basic partial exemption rules, most of which will have a beneficial effect on businesses afflicted by this concept. Affected businesses are those that have exempt income as well as taxable income, and who are obliged to disallow a certain amount of VAT on expenditure. In simple terms, those changes … Read more VAT – partial exemption changes

Business entertainment – foreign customers

Hot off the press, for once – HMRC have taken notice of a European Court of Justice judgement in the case of Danfoss and Astrazeneca (Case – 371/07). Historically, the VAT Office allowed UK businesses to reclaim VAT on entertainment of foreign customers. Then they didn’t, and that’s the way it has remained for a … Read more Business entertainment – foreign customers

Listed Property Show – 21/2/09 and 22/2/09

For the third year running, I have been asked to participate in the Listed Property Show at the Olympia Exhibition Centre in London. I will be manning a stand at the show, and also presenting a lecture each day, on the subject of (you guessed) VAT and listed buildings. Apart from the obvious joys of … Read more Listed Property Show – 21/2/09 and 22/2/09

VAT – option to tax office move

HMRC have announced that their National Option To Tax Unit is moving, with effect from 4 February 2009, to: Option to Tax National UnitCotton House7 Cochrane StreetGLASGOW G1 1GY Tel: 0141 285 4174/4175Fax: 0141 285 4454 During the relocation period, they would prefer to receive emails rather than letters or faxes. Unbelievably, they don’t give … Read more VAT – option to tax office move

2009 Intrastat Threshold increased

At the start of every new year, HMRC revise the threshold applying to the Intrastat regulations, and this year is no exception. The threshold has been increased from £260,000 to £270,000. You may be wondering what Intrastat is, and why anyone should be interested. At the risk of getting technical, this is an intra-EU statistical … Read more 2009 Intrastat Threshold increased

Guidance published for letting of new domestic properties

The downturn in the property world has various effects. Not only are properties failing to sell, but there is a hidden sting in the tail. The reason for this is that when a developer constructs a new house for sale, he is entitled to reclaim the VAT that has been spent out on materials. If … Read more Guidance published for letting of new domestic properties