VAT
Unexpected repayment return: do you need to do anything?
Your business always pays VAT on its returns. The current period shows a repayment is due from HMRC. What checks should you do before submitting the return and how will HMRC deal with this unusual claim?
Building materials - reverse charge or not?
One of your subcontractors has sent their first invoice. He’s charged VAT on materials but not on the services because these are covered by the domestic reverse charge (DRC). Is the VAT charge on materials correct and if not what steps should you take?
Is VAT due on fees you charge to late-paying customers?
Your business has experienced problems collecting money from certain customers so you will include late payment penalties and interest clauses in future contracts. How will these sources of income affect your VAT returns?
How to adjust VAT when you agree a price reduction
One of your customers refused to pay a sales invoice five years ago, which resulted in you taking legal action. The legal process has now ruled that you must reduce your invoices by 50% of the original amount. How will you deal with VAT on these invoices?
Is there a better option than the scale charge?
HMRC announced revised CO2 emission scale charge rates for private road fuel from 1 May 2024. But is there an alternative way of accounting for VAT on the private fuel used for your business vehicles?
What’s the difference between an error and an adjustment?
Your business must disclose errors to HMRC above certain limits in writing. But it can include accounting “adjustments” on the next return. What are the main adjustments (that aren’t errors) that your business could make?
Building certificates needed for 0% VAT
If you provide construction services on a new building to be used for a relevant charitable or residential purpose, or sell a new building to the users, your supply will be zero-rated. But what documents must you get?