We received a question from a subscriber who asked whether he could reclaim VAT on the costs of using a room in his house. The simple answer is “yes”, but as you would expect there’s more to it than
that. What’s to know?
Published 18.09.2009
As a general rule, the Taxman expects you to scale down your VAT claim for purchases which are partly for non-business purposes. But in some cases he’ll allow you to make a full claim. When can you
take advantage of this concession?
Published 28.06.2011
Your company bought some machinery for a particular project, but no longer has a use for it. If it transfers the equipment to you for personal use, will this trigger a VAT charge?
Published 26.06.2014
In his recent budget the Chancellor slipped in a sneaky change regarding the right of businesses to reclaim VAT using the Lennartz rule for purchases. This will affect thousands of businesses in the
UK. What’s it all about?
Published 14.04.2010
Depending on the circumstances, VAT deregistration can be compulsory or voluntary. Either way, the trouble is that the Taxman expects you to account for VAT on the value of all the assets your
business owns. How can you minimise this bill?
Published 15.11.2011
You plan to extend your house to accommodate an office for your business. A colleague has told you that this means VAT will have to be accounted for when you sell the property. Is he correct?
Published 21.09.2016
Where you buy goods or services that are used only partly for business, the Taxman says you can reclaim a fair and reasonable proportion of the VAT. But in some cases you can reclaim the lot. When
does this apply?
Published 05.03.2012
The Taxman has recently issued a statement regarding the VAT which businesses can reclaim on major assets which aren’t used entirely for business purposes. What steps do you need to take now to meet
the Taxman’s new rules?
Published 04.05.2011
An employee has written off his company car. Its insurance value is £8,000. The claim form asks if you’re VAT registered; you are, so you tick the “yes” box. You’ve just lost £1,300! Why and what
steps can you take to avoid this trap?
Published 02.05.2014
There have been recent changes to the rules affecting income tax and VAT where you pay for fuel etc. used by your employees for private journeys. What are these and how might they affect your
business?
Published 20.09.2012