Backdating vat

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Advisers often assume that many income sources for a business can be excluded from the scheme, e.g.

buy to let rental income or the proceeds from selling a car.

And income earned from land or buildings is always classed as ‘business’ in accordance with EU Law (‘economic activity’ is the EU word for ‘business’): – ‘The exploitation of tangible or intangible property for the purposes of obtaining income therefrom on a continuing basis shall in particular be regarded as an economic activity.’ However, if the property is in a different legal entity to the VAT registered business, there is no FRS tax to declare on the rental income.

Unfortunately, HMRC do not recognise the FRS as a tax saver, only as a time saver, i.e.to make the VAT return process easier for a small business.Their policy is that once a VAT return has been submitted, it is impossible to save time, so they will refuse any request to backdate the application.This is not correct and it has a very wide application.Always be clear that HMRC view the scheme as a time rather than tax saver.

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