Motor Dealers VAT reclaims

HMRC have confirmed that motor dealers that have accounted for VAT on the full selling price of cars sold to finance companies where the dealer has offered a Dealer Deposit Contribution(DDC) to the deposit paid by the customer, should have accounted...

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When should a sub-contractor charge VAT and when can they zero-rate?

In a case released on 14 July 2017, Summit Electrical Installations Limited v Revenue and Customs Commissioners [2017] UKFTT 564 (TC), the First-tier Tribunal found that the same supplies could be zero rated either as supplies for the construction...

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When can holding companies recover VAT on purchases?

On 15 May 2017, HMRC issued their long-awaited policy relating to the recovery of VAT on purchases by holding companies. When a business acquires a new company, it incurs costs such as legal and professional expenses in evaluating the new...

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Flat rate scheme

Despite the outdated claim of Chancellor of the Exchequer Lord Barber on 1 April 1973 that VAT would be a simple tax, in 2002 the government brought in the flat rate scheme to simplify the administration for smaller businesses. From discussions with...

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Our Comprehensive Spring Budget 2017 Review

Today Philip Hammond delivered a Budget to prepare Britain for a brighter future with a ‘fair, stable and competitive’ tax system. It was a speech light on tax content with many of the announcements being restatements of changes announced in the...

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