A guide to VAT on property

The zero rating of the sale, or long lease, of a newly constructed or newly converted properties is now limited to properties that are designed to be used as dwellings or for certain qualifying charitable or residential use.

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Challenging the VATman

Most businesses, which have been established more than a year or two, will have been inspected by an officer of HM Revenue & Customs at one time or another.

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VAT Retail schemes

Many businesses deal directly with the public and make supplies at one or more VAT rates. It would be impractical to keep records of every sale in order to calculate the VAT due to be paid to HM Revenue and Customs (HMRC).

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Snowballs in the summer

A recent VAT and duties tribunal case brought back echoes of the great Jaffa cake saga.  Those with long memories will recall a series of cases in the 1990’s that culminated in McVities bringing a 12 inch diameter Jaffa cake into court to prove that it was a cake and not a biscuit.  

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Alternative evidence for Input tax recovery

It is a common misconception that no input tax can ever be reclaimed if a vat invoice is not held by a business. There are circumstances where it is perfectly acceptable to claim vat as input tax even where a vat invoice has not been obtained – these include such items as off street car parking, telephone charges, purchases through coin operated machines and qualifying toll charges. HM Revenue & Customs readily agree to vat recovery in these circumstances.

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VAT advice

VAT has become increasingly complex over the years, and is far from the simple tax we were promised in the early 1970’s when it was introduced.

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VAT Flat Rate Scheme

This scheme is designed to reduce the cost of complying with VAT obligations by simplifying the way small businesses calculate their VAT. It is available to businesses who expect their taxable turnover in the next 12 months to be no more than £150,000.

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