Industry updates
HMRC Publish annual report and accounts 2023 to 2024
HMRC has published its latest report and accounts. Headlines £843.4 billion total tax revenues collected which is a 3.6% increase on 2022 to 2023 VAT – gross revenue was £277.7 billion, less: revenue repayable of…
DIY Housebuilders’ Scheme Top 10 Tips
DIY Housebuilders' Scheme Top 10 Tips If you build your own home or convert a non residential building into a home, there is a scheme available which permits you to…
Understanding land and property issues
Understanding land and property issues Supplies relating to property may be, or have been; 20%, 17.5%, 15.%, 10% 5%, zero-rated,…
VAT Treatment of Serviced Apartments : The Realreed Limited Case
VAT Treatment of Serviced Apartments : The Realreed Limited Case Background Realreed owns a property called Chelsea Cloisters in Sloane Avenue, London. The property comprises; 656 self-contained apartments and some commercial units. 421 of these apartments…
The Partial Exemption Annual Adjustment
The Partial Exemption Annual Adjustment What is the annual adjustment? Why is it required? An annual adjustment is a method used by a business to determine how much input…
HMRC have updated its Payments on Account (POA) guidance
HMRC have updated its Payments on Account (POA) guidance What are POA? These are advance payments towards a business’ VAT bill.…
B2B and B2C – The distinction and importance
B2B and B2C - The distinction and importance A key feature of the place of supply rules is the distinction between B2B (business to business) and B2C (business to consumer) supplies. The distinction is important…
Land related services
Land related services Whether a service is “related to land” is important because there are distinct rules for this type of supply compared to the General Rule. The place…
Is a cosmetic treatment exempt medical care?
Is a cosmetic treatment exempt medical care? The Illuminate Skin Clinics Ltd Case Background The Appellant runs a private,…
New HMRC guidance on error reporting
New HMRC guidance on error reporting HMRC has published new guidance to assist taxpayers on how to deal with errors discovered…