by admin | Mar 12, 2020 | Value Added Tax |
It has been confirmed that the taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 until 31 March 2022. The taxable turnover threshold that determines whether businesses can apply for...
by admin | Mar 4, 2020 | Value Added Tax |
The VAT treatment of land and property is one of the most complex areas of the VAT legislation. Under certain situations, supplies of building materials can be zero-rated or reduced-rated at 5% for VAT. For the supplies of building materials to be zero-rated or...
by admin | Mar 4, 2020 | Value Added Tax |
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at...
by admin | Feb 26, 2020 | Value Added Tax |
There is a special VAT refund scheme called the VAT Retail Export Scheme or Tax-Free Shopping that allows individuals not resident in the EU to obtain a VAT refund on goods bought in the UK and taken out of the EU. The scheme does not apply to services, for example...
by admin | Feb 26, 2020 | Value Added Tax |
The VAT system is policed by HMRC and there are penalties for breaches of the legislation. There are four conditions that must be satisfied in order for an activity to be within the scope of UK VAT. These conditions are that the activity: Is a supply of goods or...
by admin | Feb 5, 2020 | Value Added Tax |
If you have clients that have been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, you should consider whether it will be more beneficial for them to leave the VAT Flat Rate Scheme (FRS) and revert to using...
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