Revenue and Customs Brief 16/2016: treatment of VAT incurred on assets that are used by the business prior to VAT registration clarifies HMRC’s existing policy on deduction of VAT for assets used by a business prior to registration, which it believes has not always been applied consistently in relation to business assets ‘consumed’ before registration. The brief restates HMRC’s existing policy in the following terms:
HMRC will be amending its guidance to reinforce the position.
Read Revenue and Customs Brief 16/2016 at http://bit.ly/2eBKMN4.
Revenue and Customs Brief 16/2016: treatment of VAT incurred on assets that are used by the business prior to VAT registration clarifies HMRC’s existing policy on deduction of VAT for assets used by a business prior to registration, which it believes has not always been applied consistently in relation to business assets ‘consumed’ before registration. The brief restates HMRC’s existing policy in the following terms:
HMRC will be amending its guidance to reinforce the position.
Read Revenue and Customs Brief 16/2016 at http://bit.ly/2eBKMN4.