Call for evidence on simplification of VAT on high-value assets
The government has launched a consultation on simplifying VAT on capital assets.
Partial exemption and the Capital Goods Scheme (CGS) apply to VAT on capital assets and can involve a significant amount of administration for businesses, the government says in the introduction to its consultation document. It says that this sometimes requires complex calculations to determine the amount of input tax that businesses can recover from the sale of assets.
Read more at the Accountancy Daily.