Repairing an asset is one thing, replacing it another, and distinguishing between the two is of critical importance when it comes to calculating Corporation Tax (CT) liabilities. The First-tier Tribunal (FTT) gave guidance on where the line should be drawn in a case concerning extensive
The difference between an extension and an annexe to an existing building may appear slight, but it can have crucial tax implications for charities. The issue was raised by a case in which a church won the right to a substantial VAT rebate. In order
In an increasingly health-conscious world, eating habits have changed dramatically and the First-tier Tribunal (FTT) took that into account in ruling that an egg-, dairy- and gluten-free brownie should be classified as a cake for VAT purposes. The ruling entitled the product’s manufacturer to a
Everybody knows that tax has to be paid on time and that financial penalties will follow if deadlines are missed – however, there is such a thing as a reasonable excuse. In a case exactly on point, a tech company whose logistics and cashflow were
