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The tale of a compliance visit when the officer raised an assessment, but the taxpayer did not incur a VAT cost. How did this happen?
KEY POINTS
- Landlords gave the tenant a year rent-free in return for it paying for building work.
- Capital expenditure belonged to the landlords.
- Significance of the nil assessment.
- Focus on the outcome rather than the process.
Sports psychologists often debate whether the key issue for a player is to focus on the outcome of their participation in a particular sport (achieving a victory) or the processes that leads to the outcome (deal with one ball at a time in the case of cricket say).
I was recently involved with an interesting HMRC compliance visit in which both the officer and I were concerned with the outcome. But as I write this article on a wet Manchester morning I am still not sure whether the processes we agreed...
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