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How Does VAT Apply to Bitcoin and Cryptocurrencies?

Bitcoin and similar cryptocurrencies have become an increasingly prominent and popular form of digital asset for businesses over the last few years, but inevitably, the emergence of this new model of finance has created ambiguity about how trade involving these assets will be regulated.

Commission relating to insurance is not always exempt

We often deal with businesses that have assumed that commission income they receive in relation to insurance services and financial services is VAT exempt. Unfortunately this is not always the case as in order to be VAT exempt the commission has to be generated from activities that meet a number of specific criteria.

What Happens If You Falsely Claim a VAT Refund?

As a business, you may be entitled to make a claim for a VAT credit or refund in numerous circumstances, including on necessary business expenses. However, it is essential that you only do so when you have a valid legal claim.

Compensation Payments & VAT

As a rule, VAT is charged only on transactions that involve a supply of goods or services. When paying a compensation fee to another party, it is generally accepted that this does not constitute consideration for a “supply”, which means that VAT will not be due.

VAT Treatment of Insurance Repair Services

HMRC have this week published a Revenue and Custom Brief regarding the VAT treatment of insurance repair services. Under normal circumstances, if an insured party makes a claim for damage to goods covered by their policy, any repair services are deemed to have been supplied to the insured party whilst the insurer will cover any costs.

Getting It Right When Claiming an Exception from Registration

Claiming an exception from VAT registration can be an important way of saving money for businesses who expect their turnover to dip below a certain level during a specific period.

Proving the Difference Between Business and Non-Business Activity for VAT Purposes

One of the most fundamental principles behind VAT is that in order to allow a taxable person to recover input VAT, the tax incurred must have been in relation to goods or services that were supplied for the purpose of VATable business activities.

News

News

How Does VAT Apply to Bitcoin and Cryptocurrencies?

Commission relating to insurance is not always exempt

What Happens If You Falsely Claim a VAT Refund?

Compensation Payments & VAT

VAT Treatment of Insurance Repair Services

Getting It Right When Claiming an Exception from Registration

Proving the Difference Between Business and Non-Business Activity for VAT Purposes

Rob McCann

Steve Howard

Tamara Habberley

Jack Ray-Atkins

David Miller