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Some seasonal VAT tips are handed out.
KEY POINTS
- Voluntary VAT registration can be advantageous for businesses making zero-rated supplies.
- HMRC has agreed that lower rates can apply to some engineers and consultants.
- A review may be needed of such professions and others in light on the proposals on limited cost traders.
- Input tax incurred before registration can be recovered but there are limitations.
Advisers should be prepared to challenge HMRC on penalties when appropriate
Another year over and what a quiet one for our great country. Nothing much has happened has it? Well certainly not in the world of the nation’s favourite tax where events have been as dull as a flat pint of beer on a windy day at a northern seaside resort. So it is a good time to round off 2016 with some...
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