VAT

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August Questions and Answers

1st August 2019
Does the name on the invoice matter? Q. I am the finance director of a large company and have just discovered that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax...

New business – when is the best time to register for VAT?

23rd July 2019
You have identified a new business opportunity that you want to keep separate from your main business. What should you consider regarding your VAT recovery if you don’t want to register straightaway? VAT expert John Craig advises. You can voluntarily register for VAT at any time if you are either making or intend to make...

Are you ready for the new Reverse Charge?

31st May 2019
If you are a businesses involved in the supply of construction services, from 1st October 2019, you will need to change how you account for VAT. This is when the Construction Services Domestic Reverse Charge (CSDRC) is introduced, VAT expert John Craig takes a closer look. If you are a supplier making a supply of...

Well built

28th March 2019
In this article we answer some well-constructed questions on the issue of reduced and zero-rated VAT on building projects. If you are involved in the construction industry, deliver trades and services or are planning a new building project you will know just how complex the issue of VAT and zero-rating can be. This article poses...

Retail therapy

20th September 2018
As a retailer, it is very likely that you will on occasion run special offers and promotions to boost sales, but what do you need to consider in order to avoid unexpected VAT consequences? JRW’s Bob Johnstone provides you with some good advice. Correct amount Normally VAT is due on the price charged if that...

VALUE ADDED MOTORING

1st May 2018
VAT rules for cars used in your business are notoriously strict but for some types of motor running expenses, they are surprisingly generous. John Craig explains what are they and how can you take maximum advantage of them? Except in the rare situation that you can prove to HMRC that a car is used 100%...

REDUCING THE VAT THRESHOLD

11th December 2017
Last month, the Office of Tax Simplification (OTS) published its long overdue report on modernising the VAT system. The report suggests that significantly reducing the VAT threshold could bring in an additional £1.5 billion revenue each year but this might this lead to an unexpected and nasty surprise for smaller businesses as John Craig explains...

CLAIMING VAT ON WORKWEAR

3rd April 2017
You want to provide your staff with uniforms in keeping with your firm’s corporate image and buy clothing that is suitable to be worn at work, but what is the position regarding claiming the VAT back, and what happens if you give the clothing to your staff? Bob Johnstone investigates. The fact that employees can...

KEEPING VAT FLAT

26th November 2014
By John Craig If you are a small business you will definitely be interested to hear that there is a way to simplify your VAT return and if you qualify, reduce your VAT liabilities too. If your VAT taxable turnover is less than £150,000, The VAT Flat Rate Scheme has been designed to simplify the...