HMRC has published its latest report and accounts. Headlines £843.4 billion total tax revenues collected which is a 3.6% increase on 2022 to 2023 VAT – gross revenue was £277.7 billion, less: revenue repayable of £112.2 billion – net revenue was £165.5 billion £41.8 billion tax “protected” by tackling avoidance, evasion and error – including […] The post HMRC Publish annual report and accounts 2023 to 2024 appeared first on UK VAT Advice.| UK VAT Advice
DIY Housebuilders’ Scheme Top 10 Tips If you build your own home or convert a non residential building into a home, there is a scheme available which permits you to recover certain VAT incurred on the construction work. This puts a person who constructs their own home on equal footing with commercial housebuilders. There is […] The post DIY Housebuilders’ Scheme Top 10 Tips appeared first on UK VAT Advice.| UK VAT Advice
Understanding land and property issues Supplies relating to property may be, or have been; 20%, 17.5%, 15.%, 10% 5%, zero-rated, exempt, or outside the scope of VAT – all impacting, in different ways, upon the VAT position of a supplier and customer. In addition, the law permits certain exempt supplies to be changed to 20% […] The post Understanding land and property issues appeared first on UK VAT Advice.| UK VAT Advice
VAT Treatment of Serviced Apartments : The Realreed Limited Case Background Realreed owns a property called Chelsea Cloisters in Sloane Avenue, London. The property comprises; 656 self-contained apartments and some commercial units. 421 of these apartments are let on long leases (no VAT issues arise from these supplies). The appeal concerned the VAT treatment of the […] The post VAT Treatment of Serviced Apartments : The Realreed Limited Case appeared first on UK VAT Advice.| UK VAT Advice
The Partial Exemption Annual Adjustment What is the annual adjustment? Why is it required? An annual adjustment is a method used by a business to determine how much input tax it may reclaim. Even though a partly exempt business must undertake a partial exemption calculation each quarter or month, once a year it will […] The post The Partial Exemption Annual Adjustment appeared first on UK VAT Advice.| UK VAT Advice
HMRC have updated its Payments on Account (POA) guidance What are POA? These are advance payments towards a business’ VAT bill. They are mandatory. HMRC will notify a taxpayer to make POA if a business renders VAT returns quarterly, and it owes more than £2.3 million in any period of 12 months or less. Under the […] The post HMRC have updated its Payments on Account (POA) guidance appeared first on UK VAT Advice.| UK VAT Advice
B2B and B2C – The distinction and importance A key feature of the place of supply rules is the distinction between B2B (business to business) and B2C (business to consumer) supplies. The distinction is important because it determines, inter alia, whether GB VAT is applicable to a supply made by a GB supplier. Status of […] The post B2B and B2C – The distinction and importance appeared first on UK VAT Advice.| UK VAT Advice
Land related services Whether a service is “related to land” is important because there are distinct rules for this type of supply compared to the General Rule. The place of supply (POS) of land related services is where the land is located, regardless of where the supplier or recipient belong. The rule applies only to […]| UK VAT Advice