The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s VAT and customs regime. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit — overview guidance note.
This guidance note covers the VAT treatment of the supply of removable contents in conjunction with the supply of new and used zero-rated caravans and houseboats. This note should be read in conjunction with the Supplies of caravans and Supplies of houseboats guidance notes.
The supply of removable contents with caravans and houseboats is liable to VAT at the standard rate unless they are ordinarily installed by a builder as fixture and fittings. Please see the Buildings and construction ― building materials guidance note.
Therefore if a supplier includes standard rated removable contents with the supply of the new caravan / houseboat, it will be necessary to apportion the VAT charged between the zero-rated supply of the caravan / houseboat and any standard rated removable contents.
Examples of acceptable apportionment methods are outlined below. These can be used by the supplier to apportion the value of the supply between the zero-rated and standard rated elements.
Please note that businesses are not required to use the methods described below. It can elect to use an alternative method, providing it produces a fair and reasonable result. It would be prudent for the business to obtain agreement from HMRC that it is an acceptable method before implementing it.
A business can use a cost based method to determine the value of the removable content in the caravan / houseboat. The following provides an example of how this method work
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The majority of state benefits (also called social security benefits) are managed by the Department of Work and Pensions (DWP) via the Jobcentre Plus.Some benefits are dependent on a national insurance contribution record (and different classes of national insurance provide different benefit
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.