VAT: New partial exemption concession
Partially exempt traders can apply for a retrospective special method, if they have been impacted by the pandemic restrictions. Neil Warren explains how some taxpayers could save thousands of pounds.
Revenue and Customs Brief 04/21 concerning VAT and partial exemption is very complicated and verbose. Many readers will have given up the ghost by the end of the first paragraph! But HMRC is actually giving a great opportunity here, which might help many partly exempt businesses whose trading patterns have been badly affected by the coronavirus pandemic.
Here is a practical case study to explain things.
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