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NEIL WARREN celebrates a decade of the VAT flat-rate scheme by looking at unlikely opportunities to claim input tax
KEY POINTS
- The flat rate scheme is ten years old: are you suggesting it to clients?
- An important rule for capital goods costing more than £2 000.
- But no claim for capital goods that are leased let or hired.
- Ensure claims are made for pre-trading expenditure.
- Output tax applies where assets have been subject to an input tax claim.
Here’s a VAT poser for you: a small business let’s say a limited company is buying a portable office unit from a supplier which will reside in the back garden of the director’s home.
It will cost £10 000 plus VAT and will be used 50% of the time for company business; the other usage will be for private Facebook activity by members of the director’s family.
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