I have been reading the VAT manual and still none the wiser - is insurance vatable or not, does anyone know? I've been meaning to find out for years....
General farm insurance, tractor, employers and product liability are what I currently have. Thought DS would be quicker and considerably less annoying than the tax office's voice recognition software - thanks peeps
vegplot
Joined: 19 Apr 2007 Posts: 21301 Location: Bethesda, Gwynedd
Posted: Wed Apr 30, 14 2:30 pm Post subject:
If you receive an invoice and it's VAT-able it will show the VAT value and sometimes the VAT rate.
None of the invoices have VAT showing so I've always assumed not until someone asked me recently, which reminded me I didn't really know. I think it may be exempt but as I say, the manual was a little confusing.
Shan
Joined: 13 Jan 2009 Posts: 9075 Location: South Wales
Posted: Wed Apr 30, 14 3:26 pm Post subject:
I'm pretty certain insurance is exempt, however, it is an expense and reduces corporation tax.
I know it's tax deductible but suddenly went into "perhaps I've not been reclaiming vat for years paranoia" - something about doing paperwork that seems to do that to me
Maybe it's "leaving it to the last minute itus"?
vegplot
Joined: 19 Apr 2007 Posts: 21301 Location: Bethesda, Gwynedd
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