Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
Karen Brown
Tax Assistant Manager
12 December 2024
VAT on developing buildingsA key consideration of development budgets is the VAT incurred on the costs involved. This can take the form of a cashflow cost for “End-Users” of the buildings, i.e., paying VAT on the charges raised by the contractors and then recovering this via VAT returns. Or the VAT could represent an absolute cost if it is not recoverable in the hands of the developer. It is crucial, therefore, that VAT reliefs which apply to certain elements of construction works are applied, where available. Here we summarise the two key VAT reliefs, and how they apply.
23 October 2024
Food or confectionery - an important distinction for VAT!Whether Jaffa Cakes were cakes or biscuits was once the height of VAT complexity.
Jonathan Corsie
Tax Assistant Manager
07 October 2024
VAT Penalties – correct VAT errorsThis is the second blog in our VAT series, following an initial post on VAT compliance. Here, we explore when HMRC can issue VAT penalties, common compliance errors, and how penalties are calculated. Whether due to late registration, incorrect documentation, or misreported VAT, understanding these issues is key to avoiding costly penalties.
Jonathan Corsie
Tax Assistant Manager
03 September 2024
VAT Penalties – ComplianceAre you up to date with the most recent VAT penalty system? Whether you’re filing monthly, quarterly, or annually, understanding the new rules can help your business avoid large fines. Read more from Jonathan Corsie, Tax Assistant Manager.
Jonathan Corsie
Tax Assistant Manager
01 July 2024
Recharging costs to customersWe are often asked by clients whether VAT should be applied to costs recharged to customers, and, if it should, what rate of VAT should be applied.
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