I was ‘talking’ via a social networking website with a friend recently and the conversation turned to business. May friend asked, “Might I trouble you with a swift VAT query?” and continued “I'm about to buy a car through the company, to use up some excess cash and reduce my Corporation Tax bill, and I was vaguely wondering if there were any wrinkles that would allow me to … [Read more...] about Can you reclaim the VAT on a new car?
input
Blocked input tax – part one
VAT on business expenses (input tax) is not always recoverable. In general you can only recover input tax on goods or services to be used in the course or furtherance of your business. This means that anything not used wholly for business purposes will have the recovery of the input tax blocked in whole or in part. Although not the topic of this note you should also be aware … [Read more...] about Blocked input tax – part one
New rules for claiming VAT incurred in other EU Member States
The press release mentioned in the previous posting also announced a change to the way in which VAT incurred by EU businesses in Member States where they are not established will be recovered. The new system will be a fully electronic procedure. The press release says: ...thereby ensuring a quicker refund to claimants. A feature of the new system is that claimants will be paid … [Read more...] about New rules for claiming VAT incurred in other EU Member States