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VAT landscape
KEY POINTS
- The preparation of year end accounts can be a good time to review indirect taxes.
- The VAT registration limit applies on a 12-month rolling basis and must be monitored
- Care needed with partially exempt businesses; does the de minimis rule apply?
- If property is involved should an option to tax be made?
- The capital goods scheme can be relevant when use of expensive assets changes.
Some say ‘VAT is a simple tax.’ If that was ever true those days are gone. Yes many things we buy have 20% VAT charged on them and we know as consumers that we pay the tax but the multiplicity of rules and regulation in the VAT system now make it a complex tax for many businesses to administer.
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