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option to tax

Impact of option to tax revealed

HMRC have published a report on the impact of the VAT option to tax, the measure introduced in 1989 to alleviate the burden on UK businesses.

A supplier of land can opt to tax to recover the VAT incurred as input tax. The system removes the VAT cost for developers and investors, but they must charge output tax on onward sales and leases.

24 Jun 2014
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Readers forum: Claiming pre-registration input tax Practice tip: 19 December 2024 New Queries: 19 December 2024 Readers’ forum: Should I advise my client to declare income? Readers’ forum: Pension scheme set up as discretionary trust?
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Automated tracking system for taxpayers could save £36m a year, study shows Welsh income tax rates are unchanged Business expenditure on R&D rises in 2023 HMRC targets landlords who may have undeclared rents Lump sums cannot be returned to pension scheme
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No extenuating circumstances to extend deadline Delay in issuing penalties was no excuse for late return Sales of occupation income avoidance rules apply Whole of settlement was not subject to tax Payments were taxable as earnings
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Readers forum: Claiming pre-registration input tax No extenuating circumstances to extend deadline This week's opinion: 19 December 2024 Automated tracking system for taxpayers could save £36m a year, study shows Welsh income tax rates are unchanged
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