- : Year 15, issue 03

 
VAT on barter and non-monetary payments Publication date: 17.12.2024
Article database
Your business sometimes sells goods and services to customers in exchange for their goods and services rather than money, i.e. a barter arrangement. How do you account for VAT on these deals?
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Should you review zero-rated sales? Publication date: 17.12.2024
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Your business makes zero-rated sales but your accountant is concerned that your record keeping might be inadequate. Is it a good time to check that your procedures are watertight?
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Is landlord correct to charge VAT on rent invoices? Publication date: 17.12.2024
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Your business rents its trading premises but you are concerned that your landlord is incorrectly charging VAT on some invoices. Your business can fully claim input tax, so is there really any issue?
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Partial exemption override: increased input tax recovery? Publication date: 17.12.2024
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A subscriber’s business has paid large amounts of VAT to builders to extend their trading premises. They use the partial exemption standard method but think this gives an unfair outcome. What can they do?
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Should you contact HMRC by email? Publication date: 17.12.2024
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HMRC has updated its guidance about when it will accept email rather than phone calls from taxpayers. What does this mean for your business?
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Maximise VAT recovery when converting unused space Publication date: 17.12.2024
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You will purchase the freehold of a ground floor shop with a storage area on the first floor and convert into a flat. You will rent out both parts of the building. How can you maximise VAT recovery on the project costs?
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Was HMRC correct to disallow input tax claimed on petrol expenses? Publication date: 17.12.2024
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Was HMRC correct to disallow input tax claimed on petrol expenses?..The case. The director (O) owned a car personally, which he used for both business and private trips. Dominion World Ltd (D) claimed input tax on all road fuel purchased for the car but HMRC disallowed the claim on the basis that there was some private use. The officer did not allow...
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Is overseas trading address acceptable for claiming input tax? Publication date: 17.12.2024
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Is overseas trading address acceptable for claiming input tax?..Q. Our company purchases agricultural trays online, which we use as part of our farming activities. We are registered for VAT and claim input tax on all our expenses. However, the purchase invoice(s) from the supplier show a Dutch trading address but what appears to be a UK VAT number....
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Is sale of intellectual property subject to VAT? Publication date: 17.12.2024
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Is sale of intellectual property subject to VAT?..Q. Our business is a veterinary practice and registered for VAT. We recently developed some software and have sold the rights to use this software to another practice; it includes software in virtual reality headsets to undertake virtual veterinary procedures for student training. We invoiced the practice...
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Did solicitor have a reasonable excuse for late payments? Publication date: 17.12.2024
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Did solicitor have a reasonable excuse for late payments?..The case. Sandra Krywald (K) traded as a solicitor and originally incurred late payment penalties for periods May 2023 to November 2023. She appealed against the penalties on the basis that she had a “reasonable excuse”, with a poor service from an external bookkeeping firm making it impossible...
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