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?
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
For once, good news emanating from HMRC, who have just re-written their internal guidance on the topic of construction – their reference V1-8A. Within it, they state that double glazing and secondary glazing can, potentially, be zero rated as alterations. This is wonderful news as they have hitherto refused to accept zero rating, except in very limited circumstances. To … Read more VAT & listed buildings – possibly some good news!
There is a reasonably good chance that you will not have heard the expression “Intrastat”, let alone know what to do with it! In short, the EU demand that each Member State collects statistical information on trade going between Member States. For certain levels of trade, this is collected using the “intrastat” procedure. Hitherto, the … Read more Intrastat Changes