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VAT

VAT: the option to tax explained

VAT: the option to tax explained

The VAT treatment of property can be challenging. Normally, supplies of land and buildings are exempt from VAT. There are some exceptions to this, the prime examples being the sale of new residential property, (zero-rated) and the freehold sale of new commercial property, less than three years old (standard-rated). But in most other cases, when

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VAT Round Up February 2023

VAT Round Up

New VAT rules for penalty and interest. For VAT accounting periods starting on or after 1 January 2023, it’s out with the old – the default surcharge regime; and in with the new – a penalty system designed to be fairer and more proportionate. Under the new rules, new penalties apply for late submission of

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