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Retail therapy
Key points
- Matters to consider when subletting space within a shop.
- Option to tax elections remain in place for 20 years before they can be revoked.
- Online sales create their own issues for example advance payments returns.
- Reverse charge comes into place when outsourcing website work abroad.
- Redeveloping commercial space into a residential dwelling.
Drastic times call for drastic actions. And there is no doubt that drastic measures will be carried out by many high street retailers faced with unenviable trading challenges following the coronavirus crisis. Small scale changes will probably not be enough: they will be like giving the deck on the Titanic a quick scrub as it heads towards the iceberg. So in an imaginary case study I have considered some VAT issues that could be relevant in the future retail world. I’m thinking big!
Scenario
Let me introduce you to Kate. She owns...
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