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  • Tips & Advice VAT - Getting the VAT right when disposing of capital items
    You are probably used to accounting for VAT on your sales, but you may have to consider the capital goods scheme rules. What is the adjustment period for commercial property, and what happens if you sell an item before it ends?
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  • Tips & Advice VAT - Don’t forget the other annual adjustment!
    Don’t forget the other annual adjustment!..Annual. If your business is partially exempt, you will know all about the requirement to do an annual adjustment following the end of your VAT year. Depending on the way VAT quarters are allocated to businesses, you will do the adjustment on your VAT return for June, July or August each year. CGS. If you have capital items that would fall under the capital goods scheme (CGS) you will need to make a further annual adjustment. Under the CGS, partially exempt businesses...
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  • Tips & Advice VAT - Adjusting VAT recovery on assets
    If your business has exempt or non-business income, you are required to make an annual calculation to see if you need to adjust the amount of VAT recovered on capital goods - how does it work?
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