VAT Cash Accounting

We seem to be entering a period when banks are likely to have less money to lend, and when they do lend interest rates charged will be “realistic”. The self styled liquidity crisis is with us! Consequently the management of your cash resources will be critical in the coming months as businesses chase liquidity by…

VAT issues for 2008/09

The VAT registration threshold increased from £64,000 to £67,000 from 1 April 2008. The VAT deregistration threshold is increased from £62,000 to £65,000 from 1 April 2008. The legislation relating to the option to tax land and/or buildings will be simplified and minor changes will be introduced to enable taxpayers to revoke an ‘option to…

VAT and property

If you own a business property you are probably aware if the property is subject to an election to tax for VAT purposes. If you charge VAT on the rents invoiced to your tenants, you will have an election to tax in place.In certain circumstances this can be a commercial inconvenience! Rental issues For example…