- : Year 13, issue 04?issue=04&offset=1&volume=13

 
Savings with second-hand margin scheme Publication date: 02.02.2023
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Your business might make profits from selling second-hand goods. You’re considering using a margin scheme to save VAT. What compliance requirements do you need to be aware of?
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Was purchase transfer of a going concern? Publication date: 02.02.2023
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Was purchase transfer of a going concern?..The case. Apollinaire Ltd (A) traded as a men’s outfitters and claimed a repayment of £98,191 on its first return, mainly relating to input tax being claimed on six purchase invoices for stock allegedly bought from a separate business that had ceased to trade called Snow (S). HMRC adjusted the return to...
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Was best judgement applied to split of sales? Publication date: 02.02.2023
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Was best judgement applied to split of sales?..The case. Peppermint Foods Ltd (P) operated two Subway franchises in separate locations and had declared 58% of the sales on its past returns as standard-rated and 42% as zero-rated. The zero-rated sales mainly related to cold takeaway food, excluding confectionary items and bottled drinks. All food and...
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Is turnover too high for cash accounting? Publication date: 02.02.2023
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Is turnover too high for cash accounting?..Q. Our consultancy business has annual sales of £1.6 million excluding VAT, of which £600,000 is from overseas customers. Due to the economic slowdown, some of our key UK customers are taking a lot longer to pay their sales invoices. It has been suggested that we should join the cash accounting scheme. However,...
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Will peppercorn rent be a problem? Publication date: 02.02.2023
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Will peppercorn rent be a problem?..Q. My wife and I trade as publicans and are registered for VAT as a partnership. We have just purchased the freehold of our pub from the brewery in a separate limited company. The company registered for VAT and opted to tax the building in order to claim input tax on the property purchase. However, is there any problem...
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New OTT procedures announced Publication date: 02.02.2023
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HMRC has confirmed that it will no longer issue letters to confirm it has received an election when you opt to tax land and buildings. How can you ensure you receive proof of the option?
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How to deal with VAT on customer deposits? Publication date: 02.02.2023
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Your business will soon start taking deposits from some customers when they place an order. What is the VAT treatment of these deposits and what happens if the customer cancels the order but you keep the deposit?
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When are late penalty points wiped off HMRC’s system? Publication date: 02.02.2023
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HMRC will now issue a VAT penalty point for each late VAT return you submit and persistent lateness will lead to financial penalties. But what action can you take to wipe these points off your online account with HMRC?
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New dwelling: does change of intention affect input tax? Publication date: 02.02.2023
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Our subscriber purchased some land and has built a house on it. Their original intention was to sell the new dwelling but they have now decided to rent it out on a long-term basis. How will this affect the VAT they have claimed?
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How to deal with VAT on bad debts? Publication date: 02.02.2023
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The economic downturn means that your business could incur some bad debts. You should not be out of pocket with VAT if you meet certain conditions. What action should you take if you suffer a bad debt?
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