VAT
VAT on land and buildings
August 18, 2023VAT on land and buildings When you are acquiring a commercial building, you need to know whether the purchase price will include VAT Older non-residential buildings will normally be exempt from VAT, but not if the owner has opted to apply VAT (“opted to tax”) at some point. This option to tax (OTT) is in
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Valid VAT invoices
October 13, 2021Valid VAT invoices It is important to include enough information on your VAT invoices to allow your VAT-registered customers to reclaim the VAT charged. HMRC will block recovery of VAT charged on invoices that don’t clearly state what goods or services were supplied. HMRC officers are particularly looking at invoices in the construction sector (following
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VAT changes for hospitality
October 13, 2021VAT changes for hospitality In July 2020 the government cut the standard rate of VAT to be used in the hospitality and tourism sectors from 20% to 5%. The reduced rate applies to most supplies made by hotels, tourist attractions, members’ clubs and many non-sporting events. It also applies to the food and drink served
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When must a business register for VAT
October 17, 2017A business should register for VAT if their ‘Taxable Supplies’ over the past 12 months have exceeded the VAT registration threshold. From April 2017, the VAT registration threshold has been £85,000. Therefore, if at the end of any month, the total value of all the taxable supplies over the previous 12 months is greater
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