VAT - 08.07.2024
Sale of old equipment - is it VATable?
Our subscriber sold a machine which he had used in his business before he was VAT registered. His accountant has told him that he should have charged VAT on the sale and that he must now account for it out of the proceeds. Is he correct?
Read more
INPUT TAX - 01.07.2024
How to deal with overcharged VAT?
One of your suppliers has made an error on their most recent invoice and charged you too much VAT. How should you deal with the error to avoid a potential problem with HMRC?
Read more
MOTORING EXPENSES - 01.07.2024
Is there a better option than the scale charge?
HMRC announced revised CO2 emission scale charge rates for private road fuel from 1 May 2024. But is there an alternative way of accounting for VAT on the private fuel used for your business vehicles?
Read more
IMPORTS - 01.07.2024
Updated guidance for import VAT
If you use postponed VAT accounting (PVA), you must obtain the monthly VAT statements online. HMRC has updated its guidance relating to this. What’s the latest?
Read more
VAT CASES - 01.07.2024
Were directors liable to pay personal liability notice?
The case. Mr Johngir and Mr Babar were directors of two restaurants in Birmingham which traded from 2014 to 2018. The restaurants had combined covers for 250 people and employed 60-70 staff. HMRC issued a best judgement assessment in 2018 on the basis that sales had been deliberately suppressed and therefore output tax underdeclared. The company went into liquidation in July 2018. HMRC also issued a penalty for “deliberate but not concealed behaviour” in April 2019 and transferred 100% of the penalty to the two directors through a personal liability notice (PLN). ...
Read more
OPTION TO TAX - 01.07.2024
Can you avoid charging a new tenant VAT?
One of our subscribers bought a warehouse three months ago and was not charged VAT but still opted to tax the building with HMRC. They will rent it out to an institution which is partially exempt. Can they avoid charging VAT on the rent?
Read more
