Notes on VAT for the newly registered business – Part 1

This is the first of a series of posts for newly or recently registered businesses. There will be another post in a day or two. Definitions First some definitions that will help you understand some of the jargon used by VAT inspectors, and by VAT advisers. Official term Translation Output VAT This is what you charge to your … [Read more...]

What VAT can’t ever be claimed?

The VAT on your business expenses (input tax) is not always recoverable. You can only recover VAT on goods or services to be used in your business. If you make exempt supplies, e.g. receive rent for a flat, you have another issue to deal with: Partial Exemption. Cars You have never been allowed to recover VAT on cars bought for your business … [Read more...]

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 … [Read more...]

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