HMRC has updated its guidance on VAT partial exemption methods for the housing association sector, first published in June 2010 and last updated in November 2013.
The guidance confirms the withdrawal, with effect from 1 May 2020, of the concession under which HMRC would allow housing associations to backdate the application of a revised special method to the start of their first tax year within the four-year time limit for input tax refund claims. From 1 May onwards, the normal rules in PE46500 and PE47000 for restrospective changes and backdated approvals will apply.
New Annex C sets out how housing associations can use data provided by HouseMark in a validated HouseMark Report in their partial exemption special method calculations.
HMRC has updated its guidance on VAT partial exemption methods for the housing association sector, first published in June 2010 and last updated in November 2013.
The guidance confirms the withdrawal, with effect from 1 May 2020, of the concession under which HMRC would allow housing associations to backdate the application of a revised special method to the start of their first tax year within the four-year time limit for input tax refund claims. From 1 May onwards, the normal rules in PE46500 and PE47000 for restrospective changes and backdated approvals will apply.
New Annex C sets out how housing associations can use data provided by HouseMark in a validated HouseMark Report in their partial exemption special method calculations.
