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