Hi all, This is a great site, I have found many answers here but I am stuck, should interest and bank charges be included on the vat return as an input?
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
I'm getting deja vu - I know this subject is quite complicated and has been dealt with quite throughly before on the forum, but as usual I can't find the thread with the search facility!
Many of the charges made by banks, building societies or similar organisations in connection with the operation of a current, deposit or savings account will be exempt. Exceptions include charges made for:
the issue of certain types of financial certificate (for example, audit and balance certificates supplied to third parties)
the extra cost of special printing or overprinting of cheque books and paying-in books.
Please note that the above list is not exhaustive.
That really does not make sense, as if they are exempt from VAT, then no matter what scheme you use, they should be exempt, although I do see where they are coming from.
but I am stuck, should interest and bank charges be included on the vat return as an input?
