18 July 2007
Our practice has just taken on a new limited company client that owns 80 estate agent branches across the Midlands. The branches have VAT exempt income from selling mortgage and insurance products, and taxable income from the commission they earn selling houses. They are partly exempt as far as VAT is concerned and use the standard method of accounting for VAT, reclaiming about 40% of the VAT on their general overheads; i.e. non-attributable input tax.
In each of the last two years, the company has spent
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
