EXPORTS - 30.11.2023
Selling goods to individuals in the EU: what are the pitfalls?
Your business has the chance to sell goods to private customers in the EU and you are aware there is a low value tax scheme. What is the threshold for these sales and what must you consider to avoid a problem with the EU tax authorities?
VAT RETURNS - 30.11.2023
Change to VAT processing policy
If you submit a return late, HMRC could take longer to process it in the future, meaning an estimated debt will be held on file for longer. What does this mean for your business?
ADMINISTRATION - 30.11.2023
How to reclaim VAT on late-posted purchase invoices?
You’ve discovered that a bundle of purchase invoices were omitted from your last VAT return, with total input tax unclaimed of nearly £20,000. What issues must you consider to solve this problem?
PARTIAL EXEMPTION - 30.11.2023
How does the annual adjustment work?
Your business is partially exempt and uses the standard method to work out how much input tax to claim each quarter. However, you have not carried out any annual adjustment calculations for the last three years. What action should you take to correct this problem?
PROPERTY INCOME - 30.11.2023
Are rooms rented out by beauty salon exempt from VAT?
One of our subscribers trades as a hairdresser and needs to raise extra income by subletting rooms in her salon to other traders in the beauty industry. Will she charge VAT on these supplies?
INPUT TAX - 30.11.2023
How much VAT can you claim on mixed use assets?
Your business is buying two assets, a yacht and a motorbike, which will both have business and private use because they will be available to staff and directors for leisure trips. How much input tax can you claim on these purchases?