The latest VAT issues from first
tier tax tribunal decisions, amended VAT rates and HMRC updates to
relief schemes
Carelessness penalty
A harsh decision has been handed down by the tax tribunal in
the case of Russell Francis Interiors (TC00983) relating to a penalty
for a careless error.
The business purchased a property to use for its taxable activities
and reclaimed VAT on the full price even though it held an invoice
only for the deposit initially paid for the purchase. The invoice
for the remainder of the price fell into the following quarter.
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