C

    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...

    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...

    Selling a property without VAT

    You’ve received an offer on your building. But the buyer doesn’t want to pay VAT on the sale. You paid VAT when you bought it, so does this mean you have to charge VAT now - and lose the...