- : Year 15, issue 01

 
Accounting for VAT on corrective works Publication date: 30.10.2024
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There are problems with a job that you did for a customer and you have agreed to compensate them so they can appoint another contractor to correct the defects. Can you claim input tax on the services provided by the new contractor to your customer?
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Does dividend income restrict input tax claim? Publication date: 30.10.2024
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A subscriber trades as a holding company, earning dividend income from three trading subsidiaries and charging fees for management services. Should the company apportion its input tax claims according to the ratio of dividend to fee income?
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Should you tell HMRC about errors corrected? Publication date: 30.10.2024
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You’ve discovered many errors on your past returns but can correct them on your next return because the net amount owed is less than £10,000. Should you still write to HMRC and tell it what has happened?
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Did company intend to make taxable supplies? Publication date: 30.10.2024
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Did company intend to make taxable supplies?..The case. Kenthouse Properties Ltd (K) bought a commercial property and claimed input tax of £183,601 on its September 2018 return, which HMRC disallowed because the intention of the director was to convert the properties into apartments and rent them out rather than sell them, i.e. a link to exempt...
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Input tax disallowed £8m: was HMRC assessment correct? Publication date: 30.10.2024
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Input tax disallowed £8m: was HMRC assessment correct?..The case. Wholesale Distribution Ltd (W) had a single director and shareholder and traded in fast-moving consumer goods such as computer chips and confectionery. Most deals were carried out on a back-to-back basis and HMRC had concerns that the goods were purchased from fraudulent traders who...
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Do we pay VAT on demolition costs? Publication date: 30.10.2024
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Do we pay VAT on demolition costs?..Q. We have purchased a derelict public house and been granted planning permission to demolish it and build three new houses on the site. I am clear that the builder services we use will be zero-rated, and also the materials they supply as part of their work, but that we will pay VAT on professional fees, e.g. surveyors...
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Does the capital goods scheme include land costs? Publication date: 30.10.2024
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Does the capital goods scheme include land costs?..Q. My business has purchased a plot of land for £100,000 plus VAT. Our intention is to build an office on the land which will cost £200,000 plus VAT, including labour, materials and professional fees. Will this project be subject to the annual input tax adjustments of the capital goods scheme? A....
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VAT on school fees: supplier impacts Publication date: 30.10.2024
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The government has announced that fees for private education and boarding will be subject to 20% VAT from 1 January 2025. What could this mean for your business if you supply to them?
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How much VAT can you claim on staff subsistence expenses? Publication date: 30.10.2024
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Your business pays a flat rate to staff for subsistence expenses, but you have decided to pay them for actual costs they incur, supported by invoices they attach with their claim. How will this affect your input tax?
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Unexpected repayment return: do you need to do anything? Publication date: 30.10.2024
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Your business always pays VAT on its returns. The current period shows a repayment is due from HMRC. What checks should you do before submitting the return and how will HMRC deal with this unusual claim?
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