Posted in Value Added Tax
The VAT treatment of land and property is one of the most complex areas of the VAT legislation. Under certain situations, supplies of building materials can be zero-rated or reduced-rated at 5% for VAT.
For the supplies of building materials to be
Continue readingPosted in Value Added Tax
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be
Continue readingPosted in Value Added Tax
There is a special VAT refund scheme called the VAT Retail Export Scheme or Tax-Free Shopping that allows individuals not resident in the EU to obtain a VAT refund on goods bought in the UK and taken out of the EU. The scheme does not apply to
Continue readingPosted in Value Added Tax
The VAT system is policed by HMRC and there are penalties for breaches of the legislation.
There are four conditions that must be satisfied in order for an activity to be within the scope of UK VAT.
These conditions are that the activity:
Is a
Continue reading