- : Year 15, issue 05

 
Should you apportion input tax on commercial vehicles? Publication date: 26.02.2025
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Your business has purchased a commercial vehicle to transport goods to your customers but there will be some private use at weekends. Must you apportion input tax on the purchase price and ongoing costs to reflect the private use?
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Should property repairs straddle two tax years? Publication date: 26.02.2025
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A subscriber is the director of a florist business and the company also owns a house, which is let out on a buy-to-let basis. The house requires major repairs that will cost £50,000 plus VAT. How can all the input tax be claimed, even though the rental income is exempt from VAT?
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HMRC warns about non-business income Publication date: 26.02.2025
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HMRC has sent an email to VAT-registered charities with annual turnover up to £2m, warning about overclaiming input tax on their returns. Is your charity at risk of an HMRC enquiry?
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How are interest and late payment penalties calculated? Publication date: 26.02.2025
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If you use the annual accounting scheme, you will submit one return each year instead of four or twelve. What are the potential traps if you don’t meet the scheme conditions?
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Were directors dishonest even though returns were not submitted? Publication date: 26.02.2025
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Were directors dishonest even though returns were not submitted?..The case. Marius Karpavicius (K) and Monika Pakuliene (P) were directors of two limited companies which failed to submit returns for many periods between May 2016 and May 2019 and instead accepted estimated assessments issued by HMRC which significantly understated the true...
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Was barn conversion carried out in one or two stages? Publication date: 26.02.2025
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Was barn conversion carried out in one or two stages?..The case. Brian Lawton (L) received planning permission to convert a barn into a two-bedroom dwelling. The first stage of the building work was subsequently carried out with everything finished but the second bedroom, and a completion certificate was issued by an architect in March 2021. L...
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Do I need to pay VAT on the sale of household items? Publication date: 26.02.2025
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Do I need to pay VAT on the sale of household items?..Q. I am a VAT-registered sole trader and have recently sold a lot of unwanted items from my wardrobe and cupboards through an e-commerce platform. The purpose of the sales is to create more space in my home but the platform has contacted me and said they are going to tell HMRC about my activities...
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Sub-letting our premises: should we charge VAT? Publication date: 26.02.2025
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Sub-letting our premises: should we charge VAT?..Q. The landlord of our trading premises charges VAT on our monthly rent payments and we claim input tax. We are planning to sub-let one of the floors to a website design business and are not sure if we should also charge VAT? If we don’t, are we right in understanding that we will not be able to fully...
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HMRC has no discretion to disapply interest Publication date: 26.02.2025
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HMRC recently confirmed that all errors made on past returns that are separately disclosed will be subject to late payment interest, even if it has never lost funds. What does this mean for your business?
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Leasing goods to a connected business Publication date: 26.02.2025
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Your business owns assets that are leased to a connected business and you charge a monthly fee plus VAT. Is there a risk that HMRC could take action by issuing a so-called “Schedule 6 notice”?
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