- Have you claimed your Child Trust Fund cash?
14/10/2021 - More...Young persons who turned 18 on or after
- Letting agencies and the Money Laundering Regulations
14/10/2021 - More...HMRC is responsible for the money
- Don’t miss out on this tax allowance
14/10/2021 - More...If you are entitled to the marriage
"My companies have now been using Peter's taxation advice for nearly 30 years and he never ceases to amaze us with his depth of knowledge and creative approach. I recommend his services to businesses small or large." - Mr A Blane.
"The highly professional and friendly team at New Forest Tax Accountants work hard to ensure we're using all possible tax allowances and reliefs." - D Smith
Scope and legal basis of VATSource: HM Revenue & Customs | | 02/09/2021
The scope and legal basis of how VAT is charged on taxable supplies is defined as follows in the VAT Act 1994:
VAT shall be charged on any supply of goods or services made in the United Kingdom, where it is a taxable supply made by a taxable person in the course or furtherance of any business carried on by him.
There are four conditions that must be satisfied in order for an activity to be within the scope of UK VAT. These conditions are that the activity:
- Is a supply of goods or services
- That the supply takes place in the UK
- Is made by a taxable person
- Is made in the course or furtherance of any business carried on or to be carried on by that person
The fourth point above is a condition that needs to be carefully considered when deciding whether an activity is within the scope of VAT. This concept of 'business' is one of the less well-known rules and care must be taken to ensure that VAT is correctly charged.