- : Year 13, issue 10

 
Change of building use: will you need to repay VAT? Publication date: 31.08.2023
Article database
You purchased your office premises six years ago but have decided to move to a different location and rent it out to a tenant. What potential pitfalls must you consider with the capital goods scheme?
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Is fundraising income exempt from VAT? Publication date: 31.08.2023
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You’re the treasurer of a not-for-profit organisation which is registered for VAT and it needs to raise funds to buy some new equipment. You’ve decided to organise a fundraising event. What should you do about VAT to maximise your surplus?
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Design services for overseas customer? Publication date: 31.08.2023
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One of our subscribers trades as an interior designer and their business has been invited to quote for two jobs in France, one for a business and the other for a private individual. How do the place of supply rules apply to these?
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What can you do about incorrect HMRC advice? Publication date: 31.08.2023
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Your business received a written ruling from HMRC five years ago about some of your sales being zero-rated. Another officer now claims that this advice was wrong and wants to raise an assessment to treat them as standard-rated. What can you do about this unexpected VAT bill?
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Avoid a VAT trap when buying shares in a company Publication date: 31.08.2023
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You are expanding your business by purchasing the shares in a company which has been VAT registered for many years. Is there a risk that you could be faced with an unexpected bill for past errors made by the seller?
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Should HMRC have refused company’s option to tax election? Publication date: 31.08.2023
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Should HMRC have refused company’s option to tax election?..The case. Rolldeen Estates Ltd (R) purchased a building and submitted Form VAT1614A to HMRC to notify an option to tax election from 10 January 2008. It subsequently claimed input tax on repairing and improving the building and charged VAT on rent to tenants. The building was sold in 2015...
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Was VAT payable on agent fee for overseas football transfer? Publication date: 31.08.2023
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Was VAT payable on agent fee for overseas football transfer?..The case. Sports Invest UK Ltd (S) trades as a football agency and acts for both clubs and individual players. In 2015 S handled a deal that involved a player being transferred from a Portuguese to an Italian club, which earned the company a commission of €4m from the buying club in Italy....
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Do previous late VAT payments still count with new penalty system? Publication date: 31.08.2023
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Do previous late VAT payments still count with new penalty system?..Q. Our business has suffered cash-flow problems in the last two years and we often paid our VAT returns late, incurring default surcharge penalties of 10% in some periods. We will not be able to fully pay the tax due on our next return on time. Will our past record mean a higher penalty?...
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Should we sell converted flats to a connected party to claim input tax? Publication date: 31.08.2023
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Should we sell converted flats to a connected party to claim input tax?..Q. Our company has converted a disused office block into six flats, which we will rent out on a long-term basis. We used a building contractor on a ”design and build” basis so that all construction costs, building materials and professional fees were subject to 5% VAT. As I...
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HMRC announces new payment option Publication date: 31.08.2023
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If your business can’t pay the VAT it owes on time, a new time-to-pay opportunity could help give you some breathing space. Who can take advantage, and how can you apply for it?
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