Posted in Value Added Tax
Where an error on a VAT return is discovered, VAT registered businesses have a duty to correct the error as soon as possible.
As a general rule, you can use a current VAT return to make an adjustment to a past VAT return. However, in order to be
Posted in Value Added Tax
A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their own separate identities. The parties to the joint venture usually bring together different resources and areas of expertise to help fulfil a
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Charities pay VAT on all standard-rated goods and services they buy from VAT-registered businesses. They pay VAT at a reduced rate (5%) or the ‘zero rate’ on some goods and services.
Charities pays 5% VAT on fuel and power if they’re
Posted 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
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