- : Year 15, issue 04?cookieChecked=1

 
Are you buying a car or commercial vehicle? Publication date: 04.02.2025
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The direct tax rules are changing in April 2025, with more vehicles being classed as cars rather than commercial vehicles. As VAT is not claimable on buying a new car in most cases, how should you treat your next purchase?
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Can contractors invoice customers to save VAT? Publication date: 04.02.2025
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Your business supplies fitted goods to customers who cannot claim VAT. A colleague has suggested getting the self-employed contractors you use to invoice your customers directly, as they are not usually registered for VAT. Will this strategy work?
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Penalty warning for late payers Publication date: 04.02.2025
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HMRC has updated its guidance about how penalties will be calculated for late-paid VAT. What does this mean for your business?
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Will HMRC answer your query? Publication date: 04.02.2025
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HMRC is struggling to cope with a heavy workload and lengthy delays to resolve issues are common. What are your options for contacting HMRC and will it answer your question anyway?
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Compensation vs consideration: what’s the difference? Publication date: 04.02.2025
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Your business will receive a big payment for a breach of contract committed by a supplier. The supplier has asked for a VAT invoice from you so they can claim input tax on their payment. Is this correct?
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What’s the “place of supply” for services? Publication date: 04.02.2025
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A subscriber has started providing services to overseas clients and is confused by the phrase “place of supply” used in HMRC’s guidance. What does it mean and how will it ensure the correct rate of VAT is charged to her clients?
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Did company qualify as the exporter so could zero-rate its sales? Publication date: 04.02.2025
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Did company qualify as the exporter so could zero-rate its sales?..The case. Procurement International Ltd (PI) sold goods to Reward Programme Operators (RPOs) but arranged for the delivery of the goods to be made directly to the Reward Recipients (RRs) of the scheme. The RRs were based inside and outside the UK; if they were outside the UK, PI zero-rated...
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Could method to apportion mixed supplies be backdated? Publication date: 04.02.2025
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Could method to apportion mixed supplies be backdated?..The case. Abbeyford (A) sells caravans at both 0% and 5% VAT; the sales include removable contents that are standard-rated. Sales are therefore treated as a mixed supply and output tax must be apportioned. Until March 2022, A calculated output tax by using the “cost ratio” method, based on...
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Can we temporarily close our shop and deregister? Publication date: 04.02.2025
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Can we temporarily close our shop and deregister?..Q. Our shop has monthly turnover of £8,000 and has been registered for VAT for many years. It has been suggested that if we closed the shop for two months next year, we are thinking of January and March, we could deregister because our sales in the next twelve months from now will be £80,000, i.e....
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Can bad debt relief be claimed? Publication date: 04.02.2025
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Can bad debt relief be claimed?..Q. My business purchased the assets and goodwill of a separate business and the deal was treated as a transfer of a going concern (TOGC). As a result, we did not pay VAT on the purchase price. As part of the transfer, we took over the debtor balance of the seller, which was £350,000 plus VAT, i.e. £420,000. Most of...
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