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Big four
KEY POINTS
- Exempt supplies cannot be made taxable by incorrectly charging VAT.
- The place of supply is the customer’s location for VAT purposes.
- An option to tax decision must be notified to HMRC within 30 days.
- Important changes to the flat rate scheme.
I recently did a friend a good turn for which he was very grateful. He insisted on returning the favour and offered his administration skills to my business. OK I thought let’s give him the exciting task of analysing my sales invoices and timesheets for the past 12 months to see which topics cropped up the most in my VAT consultancy work for accountants. He attacked the task with gusto and I was so surprised by the results that I almost demanded a recount. Anyway I will share...
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