A husband and wife have been sentenced at the Old Bailey for attempting to steal £220,000 through a complex VAT fraud involving designer goods.
South West accountancy firm Bishop Fleming has taken up arms on behalf of the Cornish pasty after the government announced hot pasties will now be subject to 20% VAT.
Once again, VAT played a minor role in the Budget 2012 proceedings. The measures announced included:
This is a potential banana skin, so check the rules carefully! Note first that HMRC assume that everyone uses their cars for business AND private purposes.
Could someone please clarify my understanding of a VAT point for zero rated businesses. I'm pretty sure I know the answer but it would be nice to have this confirmed before I meet a prospect this
We have a client who runs a taxi operation. They own the cars and pay for all running costs.
They pay the drivers a share of the takings.
Businesses that make photo books based on digital photographs could be in line for a VAT rebate after a recent tribunal decision.
It seems more people are taking an interest in VAT. That can only be good news for those who make a living from the indirect tax, writes Les Howard of Vatadvice.org.