by admin | Mar 10, 2022 | Value Added Tax |
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is required to make an apportionment between the activities using a 'partial exemption method' in order to calculate...
by admin | Mar 10, 2022 | 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 | Mar 3, 2022 | Value Added Tax |
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud. The domestic reverse charge procedure applies to the supply and purchase of the certain specified goods and...
by admin | Feb 24, 2022 | Value Added Tax |
The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software. From April 2022, MTD...
by admin | Feb 17, 2022 | 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 3, 2022 | Value Added Tax |
There are special rules, under which a VAT-registered business can sell certain goods and services to charities at the zero or reduced rate of VAT. Before charging VAT at a lower rate, you must be able to show evidence that the charity is eligible. This is usually...
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