With the announcement today that the rate of VAT will be rising to 20% on 4th January 2011, our Managing Director is having a busy day today responding to the news with our local TV and radio stations.
You can listen to him on:
3.30pm BBC Radio Gloucester on FM - 104.7, 95.8, 95, AM - 1413
http://www.bbc.co.uk/iplayer/playlive/bbc_radio_gloucestershire/
5.00pm BBC Radio Solent on FM 96.1 & 103.8
http://www.bbc.co.uk/iplayer/playlive/bbc_radio_solent/
5.45pm BBC Radio Bristol on 94.9, 103.6, 104.6, AM - 1548
http://www.bbc.co.uk/iplayer/playlive/bbc_radio_bristol/
6.30pm Points West, BBC One (West only)
If you live outside of the West area, then you can view this on Sky Channel 986
Tuesday, June 22, 2010
Friday, June 18, 2010
The importance of charging VAT correctly!
A case has come to our attention this week regarding a refused DIY Housebuilder's claim.
The taxpayer paid VAT to a builder on a new build dwelling thinking they could reclaim the VAT from HMRC. HMRC refused as the VAT was incorrectly charged (zero rate applicable to new build), the taxpayer needed to get credit from their builders’ yet two of his suppliers had refused to refund.
The Tribunal agreed with HMRC that it was not up to HMRC to refund VAT incorrectly charged. This confirms again that VAT incorrectly charged CANNOT be reclaimed from HMRC.
You have been warned....
The taxpayer paid VAT to a builder on a new build dwelling thinking they could reclaim the VAT from HMRC. HMRC refused as the VAT was incorrectly charged (zero rate applicable to new build), the taxpayer needed to get credit from their builders’ yet two of his suppliers had refused to refund.
The Tribunal agreed with HMRC that it was not up to HMRC to refund VAT incorrectly charged. This confirms again that VAT incorrectly charged CANNOT be reclaimed from HMRC.
You have been warned....
Tuesday, June 8, 2010
The Top 5 VAT pitfalls of developing a listed property and how to avoid them
Read my new blog for Country Life Magazine:
http://tinyurl.com/2u43836
Next time I'll be talking about discuss specific technical terms and what they mean for a property owner.
http://tinyurl.com/2u43836
Next time I'll be talking about discuss specific technical terms and what they mean for a property owner.
The VAT News June 2010
The June Newsletter is now available on our website. In this issue:
- Budget June 2010 - what will it hold in store for VAT?
- Our survey said... - what do you think will happen to the rate of VAT? Take part in our quick survey and you could win a bottle of champagne
- Even more ways to talk to us - join us on Facebook, Twitter and LinkedIn
- HMRC News round-up
- News from the Tribunals
- Jobs for the month
Click here to read more...
Not receiving our newsletter automatically? Get this and other news from The VAT Consultancy delivered straight to your inbox every month - Subscribe Now
Friday, May 14, 2010
The VAT News May 2010
Our latest newsletter is now available including a round-up of all HMRC & Tribunal news, the latest on input VAT recovery on postal services and an in-depth look at the Flat Rate Scheme.
Read it here
Read it here
Thursday, May 13, 2010
Stakes rise on VAT rate rise
It would be difficult not to notice the media interest today in a VAT rate rise being on the cards.
The prediction is that the standard rate will rise to 20% by the end of 2011, with analysts calculating this bringing in an extra £11.5bn per year, it is easy to see why this is likely given the current national debt levels.
It is even less surprising when you note that 63% of EU countries already have a VAT rate of 20% or higher, and 85% have a higher rate than the current UK rate of 17.5%. All in all is seems we have had it easy here in the UK!
As an aside, maybe the new government will also consider bringing back the 'Window Tax' from the 1700's to increase revenue. There was a flat rate for each house and a higher rate for houses with 10 or more windows - now that would be something to write about!
We will of course get you updated if the rate does change - keep an eye on our website or sign up to our newsletter.....
The prediction is that the standard rate will rise to 20% by the end of 2011, with analysts calculating this bringing in an extra £11.5bn per year, it is easy to see why this is likely given the current national debt levels.
It is even less surprising when you note that 63% of EU countries already have a VAT rate of 20% or higher, and 85% have a higher rate than the current UK rate of 17.5%. All in all is seems we have had it easy here in the UK!
As an aside, maybe the new government will also consider bringing back the 'Window Tax' from the 1700's to increase revenue. There was a flat rate for each house and a higher rate for houses with 10 or more windows - now that would be something to write about!
We will of course get you updated if the rate does change - keep an eye on our website or sign up to our newsletter.....
Thursday, April 1, 2010
It's No April Fool!
HMRC's new "failure to notify" penalty comes into force today, forget to tell them that you should be registered for VAT and you certainly won't be laughing.
Penalties for this range from 30% to 100% of the VAT not paid, and, that's dependent on how "careful" HMRC think you've been.
Find out more....
Penalties for this range from 30% to 100% of the VAT not paid, and, that's dependent on how "careful" HMRC think you've been.
Find out more....
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