Further to my recent posting concerning retrospective VAT claims, HMRC have now issued Business Brief 07/08 inviting businesses to submit claims for both input tax accrued before 1 May 1997 and also output tax claims for accounting periods prior to 4 December 1996.
My top tip, don’t delay in making your claim.
Technorati Tags: VAT,HMRC
In 1997 HMRC (then known as HM Customs & Excise) imposed a three year cap on reclaiming overpaid VAT, well yesterday the House of Lords upheld the Court of Appeals findings and confirmed these measure where in fact illegal.
The cases of Fleming (t/a Bodycraft) and Condé Nast Publications could now lead the way to allowing […]
From 1 January 2008 renovations and alterations to residential properties that have been empty for at least 2 years will be eligible for a reduced VAT rate of 5%.
For more details visit the HMRC website by clicking here.
Technorati Tags: HMRC, VAT, Reduced vat on residential renovations
For those involved in the import of antiques, HM Revenue & Customs have updated their guidance notice (notice 362), this replaces the previous notice that was published in March 2002.
Technorati Tags: Imported antiques, VAT, HMRC
If you are buying or selling a VAT registered business this is for you. From 1 September 2007 the TOGC rules changed.
The vendor (seller) is no longer required to transfer the records of the business to the purchaser, nor to obtain the ‘vatmans’ permission to retain the records.
From 1 September 2007 the seller will retain […]
It struck me today that I haven’t highlights a huge change that came into effect on 1 October 2007, the changes to VAT invoicing, having said that, it didn’t exactly get that much publicity from HMRC.
The main change is that from 1 October all invoices must have a unique and sequential number. Most businesses already […]
From 1 October 2007 HM Revenue and Customs’ Wolverhampton office has become the principal processing office for VAT registration and deregistration applications.
The office details are:
Wolverhampton
HM Revenue & Customs
Deansgate
62-70 Tettenhall Road
Wolverhampton
WV1 4TZ
T. 0845 039 0129
For applications to retain the VAT registration number of previous owners of the business, Group applications, Flat Rate Scheme applications and Annual […]
It was announced in the recent Pre-Budget Report that the Treasury is looking into how to simplify the tax system, and they want your help!
Yes, that’s right they are looking for the views of small business.
The reviews are looking at making the administration easier, speaking as someone who has to deal with the administration […]
Should you buy or lease your equipment or car?
This is a common question from clients when faced with replacing assets, and not an easy one to answer as it is dependant on so many different needs, so lets take a simplistic look at the two options and their advantages and disadvantages.
Outright purchase
If you are going […]
This article in the Times Online caught my attention, apparently research carried out by YouGov found that 45% of would be entrepreneurs are put off by the legal requirements involved.
Their worries included failure, employment law and tax.
Hey that’s easily dealt with, failure can be one of the best ways to learn, ask any ultra successful entrepreneur, most of them […]
