VAT update with Jane Deeks
Description
We are delighted to welcome back Jane Deeks for this episode for an overview of what you should be looking out for on any given transaction.
The budget saw an increased VAT registration threshold to £90k. Watch out for the running 12 month totals; make sure you comply with the 'look forward test'; recovery of VAT on a development; criteria for VAT registration, need to make taxable supplies and much more. Oh and by the way what are taxable supplies and what is exempt from VAT.
We look at the reliefs that are available? Is it always a flat 20% or what can VAT to the reduced rate of 5%. For example 'empty homes condition' is looking at what are the criteria to get within the relief, before you commence development.
What is the difference between zero rated and an exempt supply and how do various scenarios the impact of this?
Giving us an example of partial exemption in simple terms - a fish and chip shop with a flat above. For VAT purposes everything comes under the same VAT number. Apportionments are required between the taxable supplies for the fish and chip shop and the income that relates to the exempt supply of renting out the flat. Confused - then listen on.
Jane runs us through the latest VAT cases and updates.
An episode not to be missed that simply highlights the importance of taking expert advice.
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