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Coronavirus deferral of VAT payments

Coronavirus deferral of VAT payments

In another move to help businesses the government announced that VAT registered businesses can defer any VAT payments due between 20 March 2020 and 30 June 2020. There is no

Spring Budget 2020 – VAT

Spring Budget 2020 – VAT

It has been confirmed that the taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 until 31 March 2022. The

Zero-rating supplies of building materials

Zero-rating supplies of building materials

The VAT treatment of land and property is one of the most complex areas of the VAT legislation. Under certain situations, supplies of building materials can be zero-rated or

VAT – option to tax

VAT – option to tax

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means

VAT-free shopping

VAT-free shopping

There is a special VAT refund scheme called the VAT Retail Export Scheme or Tax-Free Shopping that allows individuals not resident in the EU to obtain a VAT refund on goods bought

VAT – the concept of business

VAT – the concept of business

The VAT system is policed by HMRC and there are penalties for breaches of the legislation.

There are four conditions that must be satisfied in order for an activity to be within