Welcome to the BKN Weekly Bulletin, our weekly update to keep members informed of the latest BKN website updates, just to ensure you don't miss anything new! -VAT on Pre-trading Expenses(Posted Friday 3rd July 2015)http://goo.gl/fVHh0n
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Great find John and certaily one that I had missed completely. I definitely think that all readers here should have a read of that in its entirety.
seems to me that the advice offered by accountants for years has now been superseded by a reinterpretation in HMRC's favour.
Don't you love the way that we are told when HMRC change their interpretations... Have we seen a squeak about this in Agent updates from them?... Absolutely nothing that I've seen.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Indeed Shaun. If it is official then they need to make it known for sure, and maker their online guidance a lot clearer.
Many, including bookkeepers and accountants, will not be aware of this re-interpretation, and will carry on blissfully unaware.
I've only done 2 VAT pre regs so far, but methinks I will seek the advice of the VAT helpline next time, and make a note of person spoke to, time and date, because judging by one comment made, even helpline haven't been updated (which may have changed by now of course)
I would be interested on what Les Howard thinks to it, should he be perusing this thread.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Hi
I spotted this too - but not on AWeb, although now I cant for the life of me recall where! I agree that it should be in the updates we get and seemingly the mountain of bloomin emails they can manage to send out, not no nothing, nada, zilch. HMRC doing a great job, yet again! Interesting thread - must read again when Im more awake!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
