The Knowledge Centre

VAT stands for Value Added Tax. VAT is a tax on consumption and is payable on the supply of goods and services.  VAT accounts for around 20% of the UK government’s tax revenue, behind only Income Tax and National Insurance payments.  Most supplies in the UK are subject to VAT, but there are some exemptions […]

Bread + Some Other Strange VAT Rules In 1972, when preparing the British people for the introduction of VAT, the then Chancellor of the Exchequer Anthony Barber famously described it as “a simple tax”. He probably thought it was, bless him. Almost 30 years later, Lord Justice Sedley delivered a more accurate assessment when frustration […]

While looking at the ever-changing Manchester skyline, it occurred to me that how VAT applies to property transactions is probably the single area of VAT on which we provide the most advice. VAT and property isn’t just something that developers and investors have to concern themselves with though, it is something that affects almost all […]

VAT on commercial property Introduction It is worth noting that VAT and commercial property is a complex area. This article is to act as a brief summary of some of the key VAT issues to be aware of where one is entering into the purchase or lease of a commercial property. In general, there are […]

The Tour Operators Margin Scheme (TOMS) What is the Tour Operator Margin Scheme regime? Tour Operator Margin Scheme (TOMS) is a mandatory VAT accounting measure that applies to any supplier who buys in and resells designated travel services in their capacity as either a principal or undisclosed agent without materially altering those services. It is […]

VAT issues on incorporation For an overview of the tax issues generally on incorporation then please see here. Introduction As is the case with many transactions, VAT is often the tax that is overlooked on an incorporation. This can be an expensive oversight! VAT position of the original business If the original business is not […]

What constitutes a dwelling for VAT purposes? This is a question that is often posed when considering the VAT treatment of the property. Whether or not a property can be treated as a dwelling for VAT purposes can have a significant effect on the VAT treatment of the supply of that property, and ultimately on […]