This is a way of dealing with your VAT payments that HMRC brought in as a measure to make it easier for taxpayers to complete their VAT returns. Instead of doing them in the ‘normal’ way – pay over VAT on income, less VAT on expenditure, a business is able to take the gross … Read more Flat Rate Scheme
Pre-registration input VAT For those who are not aware of the concept, this is VAT spent out on goods and services, purchased prior to a business registering for VAT. For years, this VAT has been claimable – up to four years before the registration date for goods; up to six months for services. Therefore a … Read more Pre-registration input VAT
For years, HMRC maintained that a dwelling can only comprise one building. Now, however, they do accept that a dwelling can have more than one building. There are conditions, of course, for which see Revenue & Customs Brief 13/2016. The difficulty with it is that, as ever, they pass the onus on to the contractor … Read more What is a dwelling?
Well, after several months of no activity on here, but lots of work activity, I thought it was about time I said a word or two about what important stuff is happening in the world of VAT. OK, I fibbed – it’s difficult to include the words ‘VAT’ and ‘important’ in the same sentence without … Read more Active again
Well, this year’s Budget has been and gone and once again it is not terribly exciting for the majority of businesses or indeed home-owners, on the VAT front. The VAT registration limit has increased again – up to £83,000. That’s about it. Well, that is, with the exception of quite a novel way of dealing … Read more Budget 2016
Two posts relating to MOSS – this is getting tedious, but I feel that I must share this one. I mentioned in the last post that many multi-nationals would have registered for VAT in the likes of Madeira or Luxembourg. Well, that advantage was removed from 1 January 2015, as the VAT revenue it was … Read more More on MOSS
To give it its full name, this stands for Mini One Stop Shop – although why HMRC would want to associate themselves with a corner shop, we’ll probably never know. The concept, however, has its roots in the behaviour of the largest companies in the world. It probably started with internet providers, many in the USA, … Read more MOSS
Keeping up the good work, here’s my first new substantive post – HMRC have announced that intelligent lighting can now be zero rated, where applicable. Or else 5% rated, again if applicable. But first, a bit of background: Since 1973, with a few exceptions, there has been no VAT cost, in building a new house. … Read more VAT on intelligent lighting
Hi For a number of years, I have looked at professional websites (websites of professionals, mostly tax/accountancy) and tutted away in realising that the ‘News’ page was last updated more than 12 months ago. And here I’ve done it myself – last entry a couple of years ago. And why? Mainly through lack of time … Read more An apology – if one were needed…
HMRC have taken heed of the responses to their Budget change consultations and have allowed a small measure of relaxation in the transitional arrangements relating to the cessation of zero rating for listed buildings. If you recall, zero rating will cease as at 30 September 2012. The first exception to this was a transitional arrangement … Read more A wee bit of good news again!