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    Value added tax - Input tax - Partial exemption - Standard method - 79485

    If the result of the values-based formula is not a whole number, it should be rounded up to the next whole number, except where a business has residual input tax in excess of £400,000 per month,...

    Value added tax - Input tax - Capital goods scheme - 79700

    The capital goods scheme applies to businesses that make both taxable and exempt supplies, within a 5- or 10-year period (depending on the type of asset acquired). It also applies to businesses...

    Value added tax - Special accounting methods - Flat rate scheme - Eligibility - Restrictions - 83080

    An application to join the scheme will be denied if any of the following applies: - the business is not registered for VAT; - the business ceased to operate the flat rate scheme in the 12 months preceding...

    Value added tax - Land and buildings - Land and existing buildings - Freehold and leasehold disposals - The option to tax - Unaffected supplies - 84765

    The option to tax has no effect on the following supplies: Supply Further information Any supply of a dwelling or relevant residential property A sale of property which is treated as the transfer...

    Value added tax - Administration - Records - VAT account - 87055

    Taxable persons must maintain a VAT account for each VAT period (¶81295). The VAT account must be split into sections for VAT payable and VAT deductible and show the following information: -...

    9. Capital goods scheme - What is the capital goods scheme (CGS)?

    What is the capital goods scheme (CGS)?The CGS is not optional. You must use it where the cost of purchases of specific types of goods exceed limits. VAT paid on most purchases you make for your business...

    VAT trap when selling your business premises

    When you bought your current premises you reclaimed the VAT included in the purchase price. Now you’re moving to bigger premises and selling the old property how should you handle the VAT?

    The capital goods scheme trap

    If you sell a property which you “opted to tax”, you might have to charge VAT when you sell it. This is usually tax neutral for you, but not always. How might it cost you VAT and can you...

    A new VAT deadline approaching

    The Taxman has recently issued a statement regarding the VAT which businesses can reclaim on major assets which aren’t used entirely for business purposes. What steps do you need to take now...

    Refurbishment trap

    If you were charged VAT when you bought your building, you probably reclaimed it. The same went for any VAT on refurbishment/fitting out costs. It’s now time to sell and move on. However, there...