Section 33(2) of the VAT Act 1994 allows local authorities to recover VAT attributable to exempt supplies so long as the amount involved is insignificant. VAT attributable to exempt activities is insignificant only if it amounts to less than one of the following: … 5% of the total VAT incurredRead More →
If breach of the repairing obligation results in the landlord carrying out works, VAT will be due on the cost of those works, including professional fees. That VAT will not be recoverable from HMRC. It can then become a loss for the landlord to claim against the tenant. Are dilapidationsRead More →
Suppliers must invoice the full amount before discount and customers account for the amount of VAT that they pay. When a discount has been taken up, you should issue a credit note to the customer accounting for the discount and reduction in VAT. How do you work out VAT onRead More →
In general VAT must always be charged but you must not charge VAT on top of VAT. If you didn’t incur VAT on the expense, you charge VAT. If you incurred VAT on the expense, you don’t charge it again. What is a recharged expense? Author: Timesheet Portal. Published: 14/09/2019.Read More →