by | Aug 17, 2023 | Value Added Tax
The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses. We have covered below some important points to be aware of concerning the recovery of input tax (VAT) when leasing vehicles: Leasing company recovering VAT on...
by | Aug 10, 2023 | Value Added Tax
There are four options for the VAT treatment of road fuel costs. Treat all of the VAT as input tax because 100% is used for business purposes. This option only applies to fuel for cars used exclusively for business purposes, such as pool cars. Treat all of the VAT as...
by | Aug 3, 2023 | Value Added Tax
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000. The thresholds are...
by | Jul 20, 2023 | Value Added Tax
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name and address of the business the number is registered to. The service also allows UK...
by | Jun 22, 2023 | Value Added Tax
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is required to make an apportionment between the activities using a 'partial exemption method' in order to calculate...
by | May 25, 2023 | Value Added Tax
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a...
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