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  • Tips & Advice VAT - Will the latest MTD concessions help?
    Most VAT-registered businesses have to keep digital records. HMRC has announced a relaxation of certain requirements, including petty cash. However, there are monetary limits, so how can you take advantage?
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  • Tips & Advice VAT - Compensation for cancelled contract: is VAT due?
    You have a contract with a supplier. You have agreed to terminate this early for a cancellation fee of £50,000. The supplier thinks VAT has to be added to this. Are they correct?
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  • Tips & Advice VAT - Taking advantage of the three de minimis tests
    Your business has recently become partially exempt. You have read that you can still recover all of your VAT if you “meet the de minimis tests”. Why might you inadvertently pay too much and what must you ensure you don’t forget?
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  • Tips & Advice VAT - Is it a donation or sponsorship, or both?
    HMRC has recently updated its guidance about when a payment to a charity could comprise two different elements, with different VAT outcomes for each part. What opportunities does this create for both charities and sponsors?
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  • Tips & Advice VAT - Can you reclaim VAT on staff relocation costs?
    Your business is relocating to the other side of the country. Some staff are being made redundant and others will be relocated. What do you do about the input tax incurred on related costs?
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  • Tips & Advice VAT - Login problems mean excuse was reasonable
    Login problems mean excuse was reasonable..The case. Mr Farrell (F) first attempted to pay his VAT bill for March 2017 on 5 May 2017, which would have easily met the deadline of 7 May. However, he encountered problems logging onto his VAT account with HMRC, which led to a series of web chats and telephone discussions with its technical support team, as well as a new ID number being issued. This turned out to be his original number. He eventually paid his VAT dues on 16 May 2017, i.e. six days after the due date...
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  • Tips & Advice VAT - Omission was due to careless rather than deliberate behaviour
    Omission was due to careless rather than deliberate behaviour..The case. The Faux Properties (FP) partnership registered for VAT in order to opt to tax a commercial property in Warrington and claim input tax on repair costs. FP sold the property for £179,000 plus VAT of £33,800 on 20 March 2015 but then submitted a nil VAT return for the period ending 05/15, i.e. failing to declare output tax on the sale. HMRC identified the omission when it was checking the input tax claim of the buyer and raised an assessment....
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  • Tips & Advice VAT - Can we separate the business activities?
    Can we separate the business activities?..Q. My business is VAT registered and offers four different services for private householders: ironing, window cleaning, domestic cleaning and dog walking. My turnover is just above the registration threshold and the business would benefit if I could deregister as I have minimal input VAT to claim. Is business splitting an option? A. HMRC has extensive powers to treat two businesses that have been artificially separated as a single business, with the combined turnover...
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  • Tips & Advice VAT - Bad debt or credit note?
    Bad debt or credit note?..Q. My business provides consultancy services to the charitable sector. I recently produced a report for a well-known singer about which charities deserve her support but she is refusing to pay the fee because she thought it was a poor-quality report. I disagree with her conclusion but have decided not to take legal action to recover the money. How should I deal with the VAT that I declared on my last return? A. By not taking legal action, you are effectively accepting a reduction in...
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  • 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?
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