Businesses within the scope of VAT in the UK
Posted
by admin
The VAT system is policed by HMRC who can and do levy penalties for breaches of the legislation. There are four conditions that must be satisfied...
READ MORE
VAT – transfer of business as going concern
Posted
by admin
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of...
READ MORE
Extended deadline for VAT payments
Posted
by admin
The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020...
READ MORE
VAT on compensation payments
Posted
by admin
HMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following...
READ MORE
VAT – partial exemption defined
Posted
by admin
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is...
READ MORE
Changes to VAT partial exemption
Posted
by admin
HMRC has updated its guidance on the VAT partial exemption treatment relevant to businesses who supply goods by way of hire purchase agreements. A...
READ MORE
