- : Year 13, issue 03?issue=03&offset=1&volume=13

 
New online form for repayment returns Publication date: 03.01.2023
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HMRC has introduced a new G-form which means you can provide information about your first period repayment VAT claim much more easily. How will it work in practice?
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Claim input tax on the purchase of a new car? Publication date: 03.01.2023
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A recent tribunal rejected an input tax claim on the purchase of two new cars, even though the owners said they were only used for business trips. When might you be able to reclaim VAT when you buy a new car for business?
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Service charge or gratuity: how can you save VAT? Publication date: 03.01.2023
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If you’re in the hospitality industry, you might add a service charge to your customers’ bills. This will usually be based on a fixed percentage of the total charge, e.g. 10%. But is there an alternative way of showing this charge to save you VAT?
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Late VAT payments: interest charges from January 2023 Publication date: 03.01.2023
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You will not get a penalty in 2023 if you fully pay your VAT return by the end of day 30 after the due payment date. However there will be interest charges. How will these charges be made and what can you do to avoid or reduce them?
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Get more time to pay your VAT? Publication date: 03.01.2023
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Your business has suffered reduced sales and increased overheads due to the economic downturn. You need more time to settle the tax you owe on your VAT return. How should you approach HMRC to ask for a time-to-pay deal?
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Was option to tax election needed and can it be revoked? Publication date: 03.01.2023
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A subscriber is an advertising business and recently purchased the freehold of new offices. It has reclaimed input tax on the purchase and opted to tax the building but now wonder if this was necessary. Is there a potential solution?
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Did company have a genuine business, so could claim input tax? Publication date: 03.01.2023
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Did company have a genuine business, so could claim input tax?..The case. HMRC issued an assessment or adjusted VAT returns between March 2015 and June 2020 to disallow input tax claimed by Hedge Fund Investment Management Ltd (H) of £39,777. It claimed that the company had no business or economic activity and there was no link between the...
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Was VAT payable by landlord for rent-free period? Publication date: 03.01.2023
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Was VAT payable by landlord for rent-free period?..The case. Majid and Miah Properties (MM) purchased a commercial property, registered for VAT and made an option to tax election with HMRC on the building. The partners spent large amounts of money improving the premises so that an associated company could trade as an Indian restaurant. A lease was signed...
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Does reverse charge apply to unregistered subcontractors? Publication date: 03.01.2023
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Does reverse charge apply to unregistered subcontractors?..Q. We trade as a building contractor, mainly working for owners of commercial properties. If a subcontractor we use is registered for the construction industry scheme but not VAT, do we ignore the reverse charge rules on their fees? A. If a subcontractor is not registered for VAT, the reverse...
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Should we charge VAT on equipment found in a warehouse? Publication date: 03.01.2023
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Should we charge VAT on equipment found in a warehouse?..Q. Our business recently purchased the freehold of a warehouse. As an unexpected bonus, we found a lot of equipment left in a storeroom by the previous owner - the contract confirmed that we took ownership of all items on the premises. The equipment is valued at £20,000. On the basis that we...
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