VAT Archives - Page 8 of 19 - Whitefield Tax - Isle of Wight Accountants

VAT Compensation in commercial property transactions

by Jessica Garbett | Sep 30, 2019 | ACCA, VAT

In its true meaning, a compensation is not a payment for a supply of goods or services, therefore VAT does not apply. The commercial reality is often different than the labels attached to payments, and the VAT position changes accordingly. The guidance below is a...

VAT reverse charge on building and construction services

by Jessica Garbett | Aug 19, 2019 | ACCA, VAT

Edit – September 2019 – these measures deferred until 1 October 2019 Edit June 2020 – now deferred to 1 March 2021 We’ve already briefed on this, but the issue bears repeating, and this guide from ACCA In Practice will be helpful VAT reverse...

VAT reverse charge on building and construction services

by Jessica Garbett | Jul 31, 2019 | ACCA, VAT

Edit – September 2019 – these measures deferred until 1 October 2019 Edit – June 2020 – deferred to 1 March 2021 Find out when the reverse change is coming in. As highlighted previously, the reverse charge measure on building and construction...

VAT: Sponsorship, prizes and donations

by Jessica Garbett | Jul 22, 2019 | ACCA, VAT

Sponsorship (VAT Notice 701/41) has been updated for the treatment of mixed sponsorship and donations and the claiming of input tax on the prizes from competitions. The notice also contains a section on crowdfunding. HMRC states: ‘Whether a recipient of crowdfunding...

How to reduce or avoid HMRC VAT penalties

by Jessica Garbett | Jul 21, 2019 | ACCA, VAT

VAT penalties can be confusing, but depending on the type of compliance breach they either follow the same penalty regime which applies to direct taxes or a VAT specific penalty regime. Penalties can be issued for: failure to notify of VAT liability late filing HMRC...

VAT – Reimbursement or disbursement

by Jessica Garbett | Jul 8, 2019 | ACCA, VAT

Knowing the difference is important in getting the right VAT treatment. The difference between reimbursement and disbursement is significant from the VAT point of view as reimbursements are subject to VAT, while disbursements are outside the scope of VAT. If a...

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VAT Compensation in commercial property transactions

VAT reverse charge on building and construction services

VAT reverse charge on building and construction services

VAT: Sponsorship, prizes and donations

How to reduce or avoid HMRC VAT penalties

VAT – Reimbursement or disbursement

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