When you buy equipment for your business and expect to use it for private purposes there are two methods for working out the amount of VAT you can reclaim. Which is the most tax efficient?
Published 16.10.2018
HMRC’s latest Business Brief says that if you have used the Lennartz method to account for VAT on the private use of assets you may need to review your calculations. Could this be you?
Published 24.03.2022
Now that you and your fellow directors often work from home you need newer and better IT equipment. The company will buy it in bulk to get a discount and then transfer it to each employee. What’s the
most VAT-efficient way to do this?
Published 09.06.2022
While generally you don’t permit your employees to use their company vans for private journeys, you allow some leeway while they are working on site. Does this affect the VAT you can reclaim on the
cost of the vehicle?
Published 08.05.2022
As a general rule, registered businesses can reclaim the VAT paid on purchases and must charge it on the price of items they sell. However, different rules can apply if the items were second hand.
What’s the position?
Published 16.11.2015
Currently you pay your employees an allowance to buy equipment which they use for work. But a business associate says it’s more VAT efficient for you to buy the equipment and lend it to your staff.
Is this correct?
Published 10.12.2015
If you make a refund to a customer, you can usually reclaim the corresponding VAT you accounted for on the original sale, but not in every case. When are you not allowed to do this and how are the
rules changing?
Published 15.10.2013
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
When you registered for VAT you reclaimed all the VAT you could for goods and services you bought prior to registration. However, you’re about to sell an asset for which you weren’t entitled to
reclaim VAT. Should you add it to the sale price?
Published 22.05.2019
You’re breaking into mail and online orders as a way to boost sales and are in the process of creating a price list for your website. The price you charge for postage etc. needs to be to reflected in
this, but should you add VAT to it?
Published 08.12.2017