- : Year 16, issue 02?issue=02&offset=1&volume=16

 
HMRC clarifies interest policy on errors Publication date: 25.11.2025
Article database
If your business underpays VAT on a previous return, you can correct it on the next return if the tax owed is below certain limits. An update from HMRC suggests that interest might also be charged. Is this correct?
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How should you value goods imported into the UK? Publication date: 25.11.2025
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If you import goods, they must be valued on arrival in the UK so that you can calculate the VAT payable to HMRC. How should you calculate this value and what recent changes have been made in HMRC’s published guidance?
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Input tax: should HMRC have considered alternative evidence? Publication date: 25.11.2025
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Input tax: should HMRC have considered alternative evidence?..The case. Two suppliers provided services to Motorplus Ltd (M), which claimed input tax on the payments. This was done because the contract between the company and suppliers had stated that all payments would include VAT. However, HMRC disallowed input tax for two reasons: firstly, the suppliers...
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How do we withdraw from postponed VAT accounting? Publication date: 25.11.2025
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How do we withdraw from postponed VAT accounting?..Q. Our business uses postponed VAT accounting (PVA) to import goods but there seems to be a lot of paperwork and administration time involved with the process. We have decided to withdraw from the scheme because our cash-flow position is very strong so we do not need this benefit, but are not sure how...
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Gift of opted property to relative: what about VAT? Publication date: 25.11.2025
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Gift of opted property to relative: what about VAT?..Q. My father and I jointly own a warehouse which we lease to a trading business. We are registered for VAT because we opted to tax the property and charge VAT on the rent. My father has suggested gifting his share of the property to me due to inheritance tax issues, but how will this affect the VAT...
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Should staff pay VAT if they borrow your tools and van? Publication date: 25.11.2025
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One of your staff is carrying out major repair works on their home. They have asked if they can borrow your business van and other tools at weekends. What are the VAT consequences if you agree?
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What does abolition of VAT652 mean for your business? Publication date: 25.11.2025
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Form VAT652 has been used for many years as a way of telling HMRC about errors made on your past returns. The form is now obsolete, so how should you tell HMRC about any past errors?
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Is overseas address acceptable to claim input tax? Publication date: 25.11.2025
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An overseas supplier has issued an invoice for goods and charged 20% UK VAT. The goods are standard-rated but you are concerned that the supplier’s address is outside the UK. Are your concerns justified?
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Should VAT be paid on customer double payment? Publication date: 25.11.2025
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One of our subscribers has been paid twice by a customer for the same invoice. They will retain the overpayment and use it to offset future invoices issued to the same customer. How should they account for VAT?
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Did carpet shop supply labour and goods or only goods? Publication date: 25.11.2025
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Did carpet shop supply labour and goods or only goods?..The case. United Carpets (Franchisor) Ltd (U) traded as a carpet retailer but only sold goods to its customers. If a customer needed someone to fit a carpet, then U provided a list of independent fitters who they could contact themselves. All fitters were self-employed, provided their own vehicles...
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