Tag Archives: VAT

  1. Juicy First Tier Tribunal Case

    The First Tier Tribunal (FTT) was recently called upon to examine whether fruit and vegetable juices sold as meal replacements were beverages and therefore standard-rated for VAT. The case (The Core (Swindon) Ltd [2019] TC 06874) concerned a juice bar and health café which supplied juice cleanse programmes (JCPs) consisting of fresh drinkable products made…

  2. VAT Margin Scheme

    If your company buys and sells second-hand goods you may be eligible to use a VAT Margin Scheme. A VAT Margin Scheme taxes the difference between what you paid for an item and what you sold the same item for. VAT is paid at 1/6 (16.67%) of the difference (margin). Business overheads, repairs and parts/accessories…

  3. Buy Goods for Personal Use and Potentially Save VAT

    You may believe you can reclaim VAT for any purchase you put through your business account, but you can’t. You cannot reclaim VAT on a purchase which is not for your business. However, if you purchase an item for both business and personal use, the amount of VAT which can be reclaimed depends on which…

  4. VAT Returns – Remember to Keep Records

    It’s a basic check that needs to be done every year – reconciling the sales reported on your VAT returns to those in your annual accounts. HMRC will do this, so if there are differences, the tax inspector is likely to ask questions. There are several reasons why the sales reported in your accounts may…