Non-VAT practitioners should have some VAT knowledge. Robert Plumbly (PEM) identifies some things non-VAT practitioners ought to know.
What is a business?
VAT must be charged on taxable supplies made in the UK by a ‘taxable person’ in the course or furtherance of any businesscarried on by that person. The VAT charged is referred to as ‘output tax’. VAT can be recovered on related costs as ‘input tax’.
Taxable persons include the whole gambit of vehicles: sole traders partnerships corporate bodies charities not for profits organisations and so on.
Taxable supplies are supplies made in the UK other than exempt supplies.
VAT cannot be recovered as input tax where attributable to non-business activities. Similarly VAT cannot generally be recovered on costs relating to exempt supplies.
The legislation specifies the types of supplies qualifying for exemption. The legislation also deems certain activities as...
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Non-VAT practitioners should have some VAT knowledge. Robert Plumbly (PEM) identifies some things non-VAT practitioners ought to know.
What is a business?
VAT must be charged on taxable supplies made in the UK by a ‘taxable person’ in the course or furtherance of any businesscarried on by that person. The VAT charged is referred to as ‘output tax’. VAT can be recovered on related costs as ‘input tax’.
Taxable persons include the whole gambit of vehicles: sole traders partnerships corporate bodies charities not for profits organisations and so on.
Taxable supplies are supplies made in the UK other than exempt supplies.
VAT cannot be recovered as input tax where attributable to non-business activities. Similarly VAT cannot generally be recovered on costs relating to exempt supplies.
The legislation specifies the types of supplies qualifying for exemption. The legislation also deems certain activities as...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
