VAT Do’s and Dont’s

13 11 2009

 

If you need to check that you are being given a valid VAT number, you can call HMRC’s national advice service on 0845 010 9000 from 8am to 8pm Monday to Friday.

DO obtain and keep VAT invoices – these are your authority to claim back VAT on supplies made to you

DO charge VAT on supplies sold to staff

DO charge VAT on any equipment or vehicles (except motor cars) that you sell or part-exchange

DO account for VAT on fuel used for private use, using the appropriate scale charge

DON’T claim the VAT paid on purchasing a motor car – apart from a few very special cases, this is not recoverable

DON’T claim VAT paid on goods or services used for privates purposes. Where there is an element of private use, for example the telephone, an appropriate percentage should be claimed. Special arrangements apply to the private use of petrol

DON’T claim the VAT paid on entertaining

DON’T forget to account for VAT on inter-company charges

DON’T charge VAT on the transfer of a business as a going concern (make sure contracts include appropriate VAT provisions)

For more help with VAT, why not check out the Best Accountants in Sussex?Tax Accountant  Make sure you’re aware of the new National Minimum Wage Rates for 2011 – they come into effect in October 2011.

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