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World of opportunity

24 May 2011 / Neil Warren
Issue: 4305 / Categories: Comment & Analysis , VAT
NEIL WARREN considers some practical challenges for a business that is partly exempt


  • Importance of the annual adjustment calculation.
  • Simplifying the quarterly partial exemption computations.
  • Allocating purchase invoices.
  • Recent cases inc. Cirencester Rugby Club.

A conclusion I have reached about VAT is that big changes to the regulations on a subject are a bit like the animals on Noah’s ark: they always come in pairs. Important changes introduced to the place of supply rules were phased in on 1 January 2010 with more following a year later on 1 January 2011.

The same thing happened with partial exemption: significant alterations took effect from 1 April 2009 and then a year later as well. I suspect this approach is done from the best of motives namely to avoid us having to digest too much...

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