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Get the VAT back on car accessories This month’s loophole is all about the importance of timing – or, to be more specific, doing things in the right order. Most people know that you can’t reclaim the VAT on the purchase of a car (unless it counts as a ‘van’), even if you are a VAT-registered person. This blockage of VAT applies to any accessories built into the car when you buy it, so the VAT ends up getting excluded on them as well. So do it the other way round. Buy the car with the minimum number of accessories possible (you probably need to keep the steering wheel) and mount them later on. In that way your Sat-Nav, flash spectrum coloured headlights etc. can be put down as claims on your VAT return. |
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In the April 08 issue of the Schmidt Report: NEWS EDITORIAL HOW TO MAKE CASH LESS TAXING USING YOUR PENSION FUND FOR FLAT CONVERSION? RED ALERT FOR NON-DOMICILIARIES CAPITAL GAINS TAX: THE ‘WRINKLES’ TAX TIP OF THE MONTH THE PROPERTY COLUMN THE INHERITANCE TAX COLUMN LOOPHOLE OF THE MONTH TAX INVESTIGATIONS SAVING TAX OFFSHORE THE BUSINESS COLUMN ASK THE EXPERTS |
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If you are a subscriber and would like more information about the above tax articles, further details are to be found in the 'Subscriber Only' section. Click here | ||
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THREE COMPELLING REASONS TO SEND FOR A FREE TRIAL ISSUE OF THE SCHMIDT REPORT... |
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IT WILL HELP YOU IDENTIFY WORTHWHILE OPPORTUNITIES ON HOW TO SAVE TAX. The Schmidt Report will arm you with the information you need to identify tax-saving opportunities. Furthermore, it will present the information in a way that is easy to understand and act upon. |
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IT WILL SAVE YOU TIME AS WELL AS MONEY. Tax legislation - even the structure of the tax system - is changing at an unprecedented rate. These changes could have a major effect on you and, if relevant, your business. It is crucial that you keep abreast of the latest news. Consider what effect the introduction of self assessment; the most recent budgets; the influence of the EU on our domestic tax affairs; the re-organisation of the Inland Revenue and Customs; the purge on tax avoidance; and a hundred other factors may have had on your finances. By providing you with a summary of the key news stories - and by warning you of any proposals which could impact on your profits - The Schmidt Report saves you having to search elsewhere for this information. |
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IT WILL INSPIRE YOU. It is easy to accept tax as inevitable. Yet from the individual on PAYE who manages to re-arrange his affairs in order to save a few hundred pounds a year - right up to Rupert Murdoch's international empire (which is famous for its ability to legally avoid tax) - it can be seen that tax is by no means automatic. Two individuals (or organisations) in the identical financial position may pay substantially different amounts of tax - depending on how they arrange their affairs. The Schmidt Report is a rich source of tax saving ideas. A regular reminder of how your tax bills could be reduced. In an interesting and inspirational manner it will show you precisely how tax savings may be achieved. |
The Schmidt Report is published by Wentworth Publishing Ltd, 17 Fleet Street, London EC4Y 1AA. You can contact our offices on 020 7353 6606, Fax: 020 7353 6533 or e-mail us at wentworth@online.rednet.co.uk |
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