VAT Notes for Construction Industry Businesses – VAT on the Domestic Reverse Charge and Common Zero-Rated Applications Domestic Reverse Charge This was introduced in April 2021 as an attempt to prevent VAT fraud in the construction industry. This introduced the concept of END USER as being important when accounting for VAT. Because building work often…
Read more → VAT Notes for Construction Industry BusinessesUPDATE ON VAT & INCOME TAX DEFERRAL Based on the briefing from ICAEW, we have updated the notes. VAT The deferral for VAT payments applies from 20 March 2020 until 30 June 2020. All VAT registered traders are eligible. This will generally mean the deferral of one quarter’s VAT, therefore quarterly payments that would have been…
Read more → UPDATE ON VAT & INCOME TAX DEFERRALCroner Taxwise have issued the following notes in respect of the recovery of VAT incurred prior to VAT registration: The entitlement to recover VAT on stock and assets on hand at registration as if it were input tax is contained in regulation 111 of the VAT regulations 1995. In the case of a limited company…
Read more → Recovery of VAT prior to VAT registrationWe are finding that more clients are attempting to cut their costs by running their business from home. If this applies to you then the following CronerTaxwise article may be of interest: https://www.cronertaxwise.com/community/vqotw-home-office/…
Read more → Recovery of VAT on Home Office Expenses
