- : Year 13, issue 05

 
HMRC: don’t forget to report changes Publication date: 27.02.2023
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HMRC has launched a publicity campaign to encourage businesses to promptly notify any changes to their business details. What are the key VAT issues for you to check and how can you make changes?
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Input tax recovery: key conditions Publication date: 27.02.2023
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You might think that you can always claim input tax if a purchase invoice relates to your business, and you have paid the supplier who has charged you VAT. But this is not always the case. What other issues must you consider to avoid VAT problems?
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Will a time-to-pay agreement help? Publication date: 27.02.2023
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A new penalty regime for late VAT payments started on 1 January 2023. Can you avoid a penalty by agreeing a time-to-pay (TTP) arrangement with HMRC and what happens if you break the agreement?
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VAT recovery and the capital goods scheme Publication date: 27.02.2023
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One of our subscribers is the treasurer of their local golf club. The club plans to spend £500,000 plus VAT on major improvement works to its clubhouse. How much input tax can it claim and how will the capital goods scheme affect the calculations?
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Correctly charging VAT on mixed supplies? Publication date: 27.02.2023
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Your business sells packages of goods. The items are subject to different rates of tax if they are sold individually, so how should you account for VAT when you sell them for a single price in a bundle, i.e. a mixed supply?
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How should you correct errors made on past returns? Publication date: 27.02.2023
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You’ve discovered that your business has overclaimed input tax on your returns for the last five years. How should you deal with these underpayments and how will HMRC’s new online form help you to make an accurate submission?
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Were staff incentive vouchers subject to VAT? Publication date: 27.02.2023
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Were staff incentive vouchers subject to VAT?..The case. GE Aicraft Engine Services Ltd (GE) ran an incentive scheme that allowed its employees to nominate hard-working colleagues for an award. Once approved by management, the successful employees were given a voucher that could be redeemed with any retailer included on a specific list. HMRC accepted...
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Did company have reasonable excuse for late VAT payments? Publication date: 27.02.2023
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Did company have reasonable excuse for late VAT payments?..The case. Bicester Property Interiors Ltd (B) paid the VAT owed on its returns late for all periods between July 2020 and October 2021, leading to a 5% default surcharge for the period April 2021 and 10% and 15% surcharges for the next two quarters. The director claimed that issues created by...
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Does letting equipment cause a VAT problem? Publication date: 27.02.2023
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Does letting equipment cause a VAT problem?..Q. Our business trades as an advertising agency and we use the flat rate scheme (FRS). We have just purchased a new piece of equipment for £3,500 including VAT which we will partly use in our business but also hire out to other agencies for a fee. As the capital expenditure exceeds £2,000 including VAT,...
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Must we repay input tax? Publication date: 27.02.2023
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Must we repay input tax?..Q. My wife and I registered for VAT as a partnership in June 2019, with a view to developing some new software and then selling it as an app. We have since claimed input tax on every return we have submitted - mainly on development expenses charged by subcontractors - and not accounted for any output tax as we have not made...
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