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A St John Price


Horse trading necessary?
My clients have entered into a conditional contract to sell land and buildings used by their family company in its trade of horse training. The condition to be satisfied is that planning permission is obtained on at least a certain defined area comprising part of a larger area specified in the agreement.

In the reply to Query T15,862, Taxation, 23 August 2001 at page 538 by 'Barham', I believe it is wrong in stating that the cost of the private use of fuel including VAT can be claimed in the accounts. In my book on VAT in the Tax Essentials series, due for publication on 17 September, I note that, in Notice 700/64, Customs say that the cost of the private fuel must not be borne by the business.

I recently wrote to H M Customs and Excise Regional Business Services North VAT Enquiries regarding the date a VAT return would be deemed to have been received when the due date fell on a weekend. The example I quoted was for a May 2001 VAT return posted first class on Friday 29 June. The return was due by 30 June 2001, which fell on a Saturday. I have received a written reply that if this return was posted on Friday 29 June 2001, it would be received at their offices on Monday 2 July and therefore the return would be considered late.

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