Martin Aitken & Co Ltd News & Developments

Martin Aitken & Co: news and comment

Reclaiming Input VAT

One of the most common questions we’re asked is whether or not VAT incurred on expenditure – known as “input VAT” - can actually be reclaimed or not.

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VAT rates explained: standard, zero-rate & reduced rate.

In this short video, Iain Johnston, VAT Specialist at Martin Aitken & Co, provides an introduction to the different VAT rates: standard (20%), reduced rate (5%) and zero-rated (0%) and where they apply.

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Are charities reclaiming all the VAT they are entitled to?

VAT for charities is a bit of a minefield and there seems to be a lot of confusion in this area. People may think that if something is a charitable activity, then it will have nothing to do with VAT. But this actually isn’t the case.

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VAT on Land & Buildings: "Option to Tax"

Many of the queries we deal with relate to whether VAT is due on the sale, purchase or rental of a property and the answer to this question is usually dependent on whether there is an “Option to Tax” on the property.

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VAT: Construction Industry Reverse Charge 1 Oct 2019 (now delayed until 1 Oct 2020)

Please note: on Friday 6 September HMRC announced that the introduction of the Reverse Charge would be delayed for a year, until 1 October 2020 >read more. HMRC say the delay is to give affected businesses more time to prepare.

The existing rules (i.e. no Reverse Charge for construction supplies) will continue to apply until then.

If you have any query regarding this please contact our VAT Manager This email address is being protected from spambots. You need JavaScript enabled to view it..


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