Directory results

 
1 to 10 of 616 articles
  • News - MTD - practical problems emerge
    As businesses get to grips with Making Tax Digital for VAT (MTDfV) there have been a few teething problems with HMRC’s systems. If you’ve signed up to it, or are about to, what do you need to know about these?
    Click here
  • Tips & Advice VAT - HMRC warning on import VAT errors
    HMRC has identified a problem with businesses incorrectly claiming VAT on imports. What is the problem and how can you ensure you don’t miss out on legitimate VAT recovery?
    Click here
  • Tips & Advice VAT - Improve your cash profit on a building conversion
    Our subscriber is converting a house into four flats with a view to selling them. Her bookkeeper has advised her to register for VAT to enable her to claim 75% of any input tax she incurs. Is this advice correct?
    Click here
  • Tips & Advice VAT - Take advantage of the first year concession
    Your new business took over a lease on some premises on 1 April 2019 and registered for VAT on the same day. You have standard-rated income and have spent £100,000 on renovation. How do you maximise your VAT recovery?
    Click here
  • Tips & Advice VAT - Does the name on the invoice matter?
    Does the name on the invoice matter?..Q. I am the finance director of a large company and have just learned that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax problem? A. The two challenges with input tax are to ensure that an expense is always for the purpose of your business (and more specifically that it relates to taxable rather than exempt activities) and secondly that the goods...
    Click here
  • Tips & Advice VAT - Management charge was genuine so company was de minimis for partial exemption.
    Management charge was genuine so company was de minimis for partial exemption...The case. Computational Structural Mechanics Ltd (CSM) was solely owned by one director shareholder who also solely owned Linear & Non-linear Structural Dynamics Ltd (LD). CSM provided engineering consultancy services and LD tested software, two different activities and both companies are VAT registered and able to fully claim input tax. The case related to work carried out by LD on CSM projects, a charge of £60,000 plus VAT being...
    Click here
  • Tips & Advice VAT - Will incorporating cause a VAT problem?
    Will incorporating cause a VAT problem?..Q. My wife and I are in partnership running a music business. She gives piano lessons with annual earnings for the partnership of £30,000 and I focus on buying and selling musical instruments with annual sales of £70,000. We have never been registered for VAT but are thinking of incorporating the business. Will this cause a VAT problem? A. The answer is yes, this will cause a big problem. Private tuition given by either a sole trader or member of a partnership is exempt...
    Click here
  • Tips & Advice VAT - Company allowed to claim input tax on solicitor’s invoices addressed to director.
    Company allowed to claim input tax on solicitor’s invoices addressed to director...The case. The sole director and shareholder of Praesto Consulting Ltd (PC) was the subject of civil proceedings issued against him by his former employer Customer Services Plc (CS), who alleged that he had removed sensitive confidential information when he left the company and used this to the commercial advantage of his new business. PC claimed input tax on the legal fees incurred in the case, which HMRC disallowed on the basis...
    Click here
  • Tips & Advice VAT - New trade - best registration date?
    You have identified a new business opportunity that you want to keep separate from your main business. What should you consider regarding your VAT recovery if you don’t want to register straightaway?
    Click here
  • Tips & Advice VAT - How to decide where your customer is based
    Your business carried out some work for a customer who you thought was based in the UK. When the job finished, the customer asked you to invoice an overseas branch of his business and not charge UK VAT. Is this request acceptable?
    Click here
 
1 to 10 of 616 articles

Filter results

Resources

Dates