You’re planning to extend your company’s premises and have been quoted £150,000 plus VAT of £30,000 by a contractor. He says he can’t trim anything off the price, but can you save some money by
reducing the VAT?
Published 08.07.2014
You’re transferring your business to your new company which will then register for VAT. The company will take over the current business lock, stock and barrel, but does that entitle it to reclaim VAT
on purchases made by the old business?
Published 13.11.2013
A customer recently returned your bill saying that you had incorrectly added VAT on expenses you incurred in providing your services. He says he won’t pay your invoice until you correct it. Is he
right about the VAT?
Published 02.10.2014
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
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
The VAT flat rate scheme (FRS) rules block you from reclaiming VAT on purchases except for high value capital assets, e.g. a van. But what’s the VAT position if you bought the asset before you
started using the FRS?
Published 07.01.2020
If a customer doesn’t pay your bill you can get back any VAT on this that you’ve paid over to HMRC. But where do you stand if you’re withholding payment to a supplier because you’re in dispute with
them?
Published 16.07.2013
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
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
Your firm is relocating premises and spending a lot on refurbishments including fancy furnishings and artwork for the offices. A colleague has said you might not be entitled to reclaim VAT on some of
these costs. Are they right?
Published 05.07.2023