VAT

Billions earmarked for VAT overpayment claims

HM Revenue and Customs (HMRC) is facing £8.5 billion in claims for overpaid VAT.

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'Occupation' of a building for purposes of disapplying option to tax

Under certain circumstances, an option to tax is disapplied if the person occupying the relevant property does not intend to use it predominantly for taxable purposes.

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The VAT treatment of deposits for land on which dwellings will be built

Where dwellings are to be built on bare land, it is common practice for completion to take place once a meaningful start has been made on the construction.

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Changes to policy on zero-rating VAT for charitable use

The VAT extra statutory concession 3.29, which allows charities to ignore small amounts of non-qualifying use (up to 10 per cent) when deciding whether the construction of a new building qualifies for zero-rating, is being phased out.

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Changes to bank account details for VAT payments

HM Revenue and Customs (HMRC) has announced that, as from 8 July, there has been a change to the bank account details for paying VAT.

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Calls for VAT rise to be pushed back

Businesses are unhappy over government plans to stick to its original timetable on the return to the old standard rate of VAT.

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VAT accounts for almost half of delayed business taxes

Firms have delayed paying £1 billion of VAT after reaching agreements with HM Revenue and Customs (HMRC) under the Business Payment Support Service.

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Businesses reschedule £2.5 billion in tax payments

The amount of tax which small firms have asked to delay paying under the government’s Business Payment Support Service has risen to £2.5 billion.

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Late payment a problem, VAT cut of little help, say businesses

A new survey has revealed that for many firms delays in invoice settlement are on the increase, while the reduction of the VAT rate has not been effective in tackling the downturn in business.

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Important issues to remember when deregistering from VAT

Deregistration from VAT is often a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly.

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