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4 Cards in this Set
- Front
- Back
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VAT on land and buildings |
Supply of land and buildings (rent or sale) is exempt Sale of new commercial building ( Sale of brand new residence (conversion from non-residential or new build) - zero rated Qualifying conversion of residential property - reduced rate |
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Opt to tax |
Can only do for commercial property or land. Turns exempt property into standard rated. Needs to charge standard rate but can recover input tax paid relating to property Irrevocable except in first 6 months or after 20 years. |
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VAT groups |
VAT group treated as single VATable person 1 VAT return - reduces admin Supplies between members ignored Input tax is based on groups use of input not the individual company 2 or more corporate bodies controls by same person and est. in UK |
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VAT registration |
Taxable supplies (turnover) in excess of £81,000 with deregistration limit being £79,000. Historic test - last 12 months Future test - next 30 days |
