VAT
How much will you save with reduced scale charges?
HMRC has reduced the VAT fuel scale charge by nearly 6% for company-provided cars. When does the new reduced rate take effect and how do you make the calculations?
VAT-saving opportunity with changes to the CGS?
The government has announced that it will increase the capital goods scheme (CGS) threshold for capital expenditure on land and buildings from its current level of £250,000. What will the new threshold be, and how can you take advantage?
EU law change for virtual events: how will it affect you?
Your business organises live events online, charging delegates a fee to attend. What are the rules about charging VAT and what changes took place on 1 January 2025 that will affect you if EU delegates attend your sessions?
Should you agree to your customer’s self-billing request?
A customer wants to adopt a self-billing system, meaning they will issue invoices on your behalf and charge VAT or otherwise. Can you refuse their request and what are the risks of accepting?
Could HMRC incorrectly withdraw you from annual accounting?
Your business can only use the annual accounting scheme (AAS) if its annual sales are below certain limits. Is there a risk that HMRC could wrongly instruct you to leave and, if so, what can you do about it?
Can you claim input tax on overseas sales expenses?
Your business sells goods and services to overseas customers, and you do not charge VAT. Can you still claim input tax on any UK expenses that directly relate to these sales?
Leasing goods to a connected business
Your business owns assets that are leased to a connected business and you charge a monthly fee plus VAT. Is there a risk that HMRC could take action by issuing a so-called “Schedule 6 notice”?
Annual accounting: how are interest and late payment penalties calculated?
If you use the annual accounting scheme, you will submit one return each year instead of four or twelve. What are the potential traps if you don’t meet the scheme conditions?
Should you apportion input tax on commercial vehicles?
Your business has purchased a commercial vehicle to transport goods to your customers but there will be some private use at weekends. Must you apportion input tax on the purchase price and ongoing costs to reflect the private use?
Compensation vs consideration: what’s the difference?
Your business will receive a big payment for a breach of contract committed by a supplier. The supplier has asked for a VAT invoice from you so they can claim input tax on their payment. Is this correct?
Is landlord correct to charge VAT on rent invoices?
Your business rents its trading premises but you are concerned that your landlord is incorrectly charging VAT on some invoices. Your business can fully claim input tax, so is there really any issue?
Christmas gifts - the perennial tax question
It’s that time of year when thoughts turn to schmoozing customers and incentivising your workers with Christmas goodies. Choosing suitable gifts is easy, understanding the tax treatment less so. What’s to know?