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VAT GROUPS

Individuals can now join VAT groups

The law was changed on 1 November 2019 so that non-corporate businesses can now belong to VAT groups. What advantages can be gained from doing so, and what potential drawback do you need to be aware of?
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INPUT TAX

Do you need to make an adjustment for unpaid creditors?

Your business has some unpaid purchase invoices in the 90-day+ column of its aged creditors report. Input tax has been claimed on these invoices. Why does this lead to a problem and how could you avoid it in the future?
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RENT

Rent-free period on commercial property deal

One of our subscribers owns a warehouse that he rents out. The income is exempt from VAT. He has offered a new tenant a three-month rent-free period at the beginning of a new rental agreement. Does this create any VAT problems?
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IMPORTS

The big Brexit import challenge

Major changes to VAT accounting will take place on imported goods if the UK leaves the EU without a deal on 31 January, including the reintroduction of postponed accounting. How can you ensure a minimal impact on your business?
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HIRE CARS

What’s the VAT position on hire cars with private use?

Your business might occasionally need to hire cars, perhaps if a company car is being repaired or you have a new employee. Is there a VAT problem if you or your employee also use the car for private trips?
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OVERPAYMENTS

What if a customer overpays their invoice?

Your business raised an invoice for £100,000 plus VAT which the customer paid twice by mistake. You submit calendar quarter VAT returns. How should you deal with the VAT on the double payment if you don’t return the money to your customer?
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OVERSEAS SERVICES

VAT on overseas work?

Last updated: 05.12.2019

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