VAT update
Article Abstract:
The European Court of Justice issued a decision, which has a major impact on the arts world, which relates to the 5% rate of VAT on importation of qualifying works of art. The UK legislation provides that such works can be brought to the UK for auction purposes and kept in the temporary importation regime until the sale is completed then it is deemed to be imported at the auction sale price and 5% is payable by the auction customer.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2006
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Providing non-residential use
Article Abstract:
One particular relief in VAT is dependent upon a property that was not used for residential purposes for at least past 10 years. These circumstances can give rise to the making of a zero-rated supply when the grant of a major interest is made in the converted property.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2003
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VAT update: Get the mileage out of your car
Article Abstract:
Revenue & Customs has released its new policy on the recovery of VAT on road fuel bought by employees on behalf of the business. The policy, applicable from January 1, 2006, will allow input tax claims only if purchase vouchers from the filling stations are produced.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2006
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