Deadline for notifying an option to tax (VAT) land and buildings
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There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as...
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Scope and legal basis of VAT
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The scope and legal basis of how VAT is charged on taxable supplies is defined as follows in the VAT Act 1994: VAT shall be charged on any supply...
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Recovering VAT on car purchases
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There are complex VAT rules that determine how you can recover VAT on car purchases. The usual fallback rule is that if you purchase a car for...
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VAT capital goods scheme overview
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The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The...
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Who can use VAT annual accounting scheme
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The VAT annual accounting scheme is open to most businesses with a turnover of up to £1,350,000 per year. The main benefits of the scheme include...
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VAT inclusive and exclusive prices
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When identifying the amount of VAT charged, it is important to distinguish between VAT inclusive and VAT exclusive prices. A VAT inclusive price...
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Taxis: what is liable to VAT
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HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car trade. VAT Notice 700/25 – How...
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VAT – what you can and cannot reclaim
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For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where...
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New EU VAT Import One Stop Shop (IOSS) rules
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There have been significant changes to the EU VAT rules for the sale of goods for businesses selling goods to consumers (B2C) located in the EU...
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VAT – which supplies does reverse charge apply to
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The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of...
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VAT – what is partial exemption?
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A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This can happen where a...
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Building a new home and VAT
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The VAT DIY Housebuilders scheme is a special scheme that enables someone building their own home to benefit from special VAT rules that allow the...
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