We reported in our April 2020 edition (p32) on the VAT deferral that was introduced to help organisations during the Covid-19 situation. VAT-registered businesses: must charge VAT on their goods or services; and may reclaim any VAT they’ve paid on business-related goods or services. A VAT-registered business must report to HMRC the amount of VAT …
Continue reading “VAT payback – extended”
We reported in our December 2019/January 2020 edition (p35) on the reverse charge on VAT which will change the way that VAT is collected in the construction industry. The implementation date has now been put back to 1 March 2021. Under the legislation, the recipient of services supplied in the construction industry will be required …
Continue reading “VAT reverse charge – update”
Commercial property practitioners have the double bonus of a VAT and SDLT update from HMRC in relation to lease variations. HMRC has issued a brief to explain how some arrangements between Ls and Ts affect VAT and SDLT. There have been no changes to either VAT or SDLT policy, but these changes have become more …
Continue reading “Lease variations – VAT and SDLT”