- : Year 12, issue 11?cookieChecked=1%2F

 
Invoicing: can you improve your VAT cash flow? Publication date: 04.10.2022
Article database
The economic slowdown might mean that some of your customers are taking longer to pay their invoices. This means that you cannot pay your suppliers as quickly. How could changing your invoicing procedures help your VAT cash flow?
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Rugby club income: donation or payment for services? Publication date: 04.10.2022
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One of our subscribers is the treasurer of a VAT-registered rugby club. It will be paid £15,000 each year from an insurance company in return for the right to purchase the club’s entitlement to tickets for international matches. Will this be subject to VAT?
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Were SIPP fees related to exempt supplies? Publication date: 04.10.2022
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Were SIPP fees related to exempt supplies?..The case. Intelligent Money Ltd (I) charged annual fees to holders of self-invested personal pension schemes (SIPPs) for services necessary to ensure the relevant conditions were met and that they operated correctly, e.g. tax relief conditions were complied with, the holder had completed an “expression of...
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Do we charge VAT on export via agent? Publication date: 04.10.2022
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Do we charge VAT on export via agent?..Q. We have agreed a lucrative deal to sell equipment to a business customer in France. However, the customer’s agent will collect the goods from our UK warehouse and take them to France. Does this mean we should charge 20% UK VAT as we will not be the exporter? A. This type of arrangement is known as “indirect...
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HMRC confirms initial penalty concession Publication date: 04.10.2022
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A new VAT penalty system will be introduced from 1 January 2023. HMRC has announced a special twelve-month concession for one part of the new rules. What will this mean for your business?
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Can you avoid a VAT bill when buying a commercial building? Publication date: 04.10.2022
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You want to buy a commercial property and have been advised by the seller that they opted to tax the building with HMRC, so must charge you VAT on the proceeds. But under what circumstances could you buy the property without being charged VAT?
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Can input tax be claimed on share sale costs? Publication date: 04.10.2022
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You have a VAT group registration and have decided to sell one of your subsidiary companies to raise cash. The sale of shares is exempt from VAT, so does this mean you cannot claim input tax on costs that relate to your share disposal?
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Did sale of land and buildings qualify as a TOGC? Publication date: 04.10.2022
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Did sale of land and buildings qualify as a TOGC?..The case. Haymarket Media Group (H) spent £870,000 on consultancy fees to gain planning consent to demolish its offices so that 213 flats could be constructed in their place. It had a small amount of passive rental income but its main activity was to trade as a publisher. The building was sold for...
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Can VAT be claimed on a personal number plate? Publication date: 04.10.2022
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Can VAT be claimed on a personal number plate?..Q. My company trades as a computer software provider; I am the only director and shareholder. The company will purchase a personalised number plate before the end of its financial year and it will be used on my privately owned car. Can input tax be claimed on the basis that it will advertise the business?...
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Simplifying your partial exemption calculations Publication date: 04.10.2022
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Your business has both taxable and exempt income and therefore an input tax restriction on each of your returns because of partial exemption. You calculate this figure each quarter but is there a better alternative method?
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