by admin | Apr 23, 2019 | Value Added Tax |
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. However, where the...
by admin | Apr 23, 2019 | Value Added Tax |
HMRC’s VAT Notice 700/1: should I be registered for VAT? has recently been updated. The update reflects the fact that the taxable turnover threshold, that determines whether businesses should be registered for VAT has been frozen at £85,000 from 1 April...
by admin | Apr 23, 2019 | Value Added Tax |
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The exact rules of what VAT is refundable depends on the other countries' rules for claiming input tax. It is important...
by admin | Apr 16, 2019 | Value Added Tax |
The VAT system is policed by HMRC and there can be heavy 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...
by admin | Apr 10, 2019 | Value Added Tax |
The new VAT road fuel scale charges have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices. The new fuel scale charges must be used by companies from the start of their next prescribed...
by admin | Mar 26, 2019 | Value Added Tax |
There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes known as a VAT group. Advantages of group registration The representative member accounts for any tax due on supplies made by the group to...
Recent Comments