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How to avoid the VAT minefield

How to avoid the VAT minefield

Published: 08/10/2018 By Robert Coyle

VAT errors can be very expensive…….

VAT can also be hugely complex – for instance:

  - Selling hot take away food is VATable, cold is not – in a recent tribunal a taxpayer was assessed to over £100k of tax – they sold wraps at markets – the contents had            been cooked & then kept warmer than the ambient air – HMRC said this was taxable & won.

  - Nuts in shells are tax free – shell them & it is taxable.

  - Are you a tutor? Tuition is zero rated if you are a sole trader but potentially taxable if you incorporate.

  - Physical books are zero rated, e-books are taxable.

Get it wrong & penalties can be 30% of the tax due. (Plus huge costs & effort in putting it right).

We can help with your tax planning, get in touch today for more info.