As a rule you can only claim a tax deduction for business expenses net of any VAT you’ve reclaimed. But where do you stand with the Taxman if later he claws back or repays some of this VAT?
Published 05.04.2012
The difficult trading conditions over the last couple of years have hit small businesses particularly hard. Some have fallen below the VAT deregistration threshold. What do you need to consider
before deregistering?
Published 12.05.2010
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
It’s time to move premises and you’ve found a buyer for your old one. But your accountant says if you sell to them you’ll have to repay some of the VAT you reclaimed when you bought the property.
Why? And can you get around this trap?
Published 29.11.2012
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
You’ve got some old stock and office furniture clogging up your storeroom. It may not be in mint condition but it’s too good to throw away. If you take it home to use, or your company gives it to
you, what will the Taxman say?
Published 04.03.2011
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
The recession means that many business owners are turning to homeworking to avoid renting premises. What’s the situation regarding VAT you pay on building work to create an office in your home?
Published 09.04.2009
Deciding whether or not to opt to tax a property is often far from straightforward. However, if you reclaimed the VAT you paid for its purchase or construction it might be a no-brainer. Why?
Published 01.11.2017
When you bought your current premises you reclaimed the VAT included in the purchase price. Now you’re moving to bigger premises and selling the old property how should you handle the VAT?
Published 13.06.2019