KEY POINTS
- Input tax apportionment.
- Lennartz mechanism.
- Output tax adjustment.
- Fair and sensible result.
There are times in the world of tax when we suddenly identify a topic where our knowledge is not as hot as it should be … well I do anyway.
I recently found myself mentally muddying the waters over the input tax issues that apply when a business buys assets that are partly used for business purposes and partly for ‘other’ purposes i.e. non-business or private use.
In such times my strategy is to create a number of practical examples on a blank sheet of paper that include the areas I am confused about and work through them with the help of the legislation and HMRC guidance.
I persist with this approach until things are as clear...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.