Tag Archives | VAT

Brexit

Brexit, Imports and Exports

Besides the political upheaval and volatility that will follow the decision to leave the European Union, what direct effect will this have on a UK business? Import Duty and VAT Let’s look at a business importing plastic toys from China and then selling these direct to UK consumers.  When the goods arrive in the UK, […]

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Post box

Post & carriage – is it VATable?

  This is an example of one of those simple questions we are asked from time to time, but where the answer is not as simple as we would want. For an internet retailer it represents a more considerable amount.     Summary As it affects your SALES, the VAT treatment follows what you sell: […]

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Fairness?

Exceeding the VAT threshold – you forgot to tell HMRC

HMRC should not let taxpayers think that “cover up” costs less than “own up”… Recently a client  – quite accidentally  – didn’t notify HMRC when their income rose above the VAT threshold (currently £81,000) until about six months later. The general rule is that you have to tell HMRC within 30 days from the end […]

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Cement mixer image

Building your own Home – 2

This is the second of two articles about VAT and residential property.  The first article looked at the question we are sometimes asked, “I’m VAT registered, so if I build my own house, can I just put the invoices through my business VAT returns?” This second article looks at whether you should charge (or be […]

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Cement mixer image

VAT-registered Trader – Building your own Home – 1

VAT-Registered Trader – reclaiming VAT on building own dwelling If you are a VAT-registered trader – a CCTV installer let’s say – and you start converting an old barn to live in yourself, you “know” that dwellings are not VATable and so you reclaim VAT on the costs in your normal trading VAT returns.  Is […]

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