As a general rule, most deposits made by customers serve as advance payments and create a VAT tax point when the deposit is received. It... Continue reading
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The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019,... Continue reading
Where an error on a VAT return is discovered, VAT registered businesses have a duty to correct the error as soon as possible. As a... Continue reading
The VAT paid in other EU countries is often recoverable by VAT- registered businesses in the UK, who bought goods or services for business use.... Continue reading
A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their own separate identities. The parties to the joint... Continue reading
Charities pay VAT on all standard-rated goods and services they buy from VAT-registered businesses. They pay VAT at a reduced rate (5%) or the ‘zero... Continue reading
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option... Continue reading
HMRC has published what appears to be the final online quarterly edition of VAT notes which includes a summary of recent changes to the VAT... Continue reading
There are three main special VAT schemes available to small businesses. These are the flat rate scheme, the annual accounting scheme, and the cash accounting... Continue reading
A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes... Continue reading
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