Accounting checklist

Actual and deemed disposal

Adjustments, declaration

Capital item sold without ever having been used

De-registration a deemed disposal

Disposal by two transactions: one exempt and one standard-rated

Disposal test

Final adjustment

Final repayment adjustment capped

Grant or assignment of tenancy or lease

Loss, destruction or expiring leases

Sale of capital item: new adjustment period begins for purchaser

Temporary non-use of capital item

Adjusting input tax

Computation

Declaration

Four-year cap

Generally

Land and buildings

Local authorities

Adjustment

Decrease in making taxable supplies in respect of leaseback transaction

Fair and reasonable, option to tax land

Generally

Input tax incurred after initial interval

Adjustment period

Application, measures

Generally

Initial interval

Intervals

Number of intervals

Refraining from applying provisions

Services

Special circumstances affecting length of interval

Subsequent intervals

Aircraft, ships, boats and other vessels

Applicable items

Ascertainment of taxable use

Buildings and land

£250,000 limit

Acquisition partly for non-business purpose

Building in course of construction is building

Estimated amounts

Generally

Input tax adjustment

Phased refurbishment

Residential property developments

Short leases

Summary

Those affected

Transfer of business as a going concern

Types of supply

VAT groups

Calculation of deductible proportion

Capital allowances

Capital goods and equipment, meaning

Capping

Cessation of supplies: non-payment of rent due under leaseback

CGS may not claw back over-recovered VAT

Changes between business and non-business use

Changes between taxable and exempt business use

Checklist

Civil engineering works

Computer equipment

£50,000 limit (excluding VAT)

Excluded items

Generally

Item-by-item basis

De-registration, final adjustment

Disposal within adjustment period

European approach

Four-year cap for adjustments

Change in use

Declaration

General provision

Generally

Inapplicability

Purchase by public body

Purchase by way of exempt or zero-rated supply

Input tax affected by

Input tax incurred before or after initial interval

Interaction with capital allowances for direct tax

Interpretation

Items held as trading stock

Items obtained and disposed of without use

Land and buildings

£250,000 limit

Acquisition partly for non-business purpose

Building in course of construction is building

Buildings acquired partly for non-business purpose

Estimated amounts

Former developer's self-supply

Generally

Input tax adjustment

Phased refurbishment

Residential property developments

Short leases

Summary

Those affected

Transfer of business as a going concern

Types of supply

VAT groups

Leasing

Generally

Lease or buy

Lost/stolen or destroyed items

Mandatory

Meaning

Meaning of capital goods

Demonstrator cars

Sale of cars

Method of adjustment

No claim for goods caught

Partial exemption

Generally

Interaction

Standard method override

Period and manner of adjustment

Period of adjustment

Public authority purchasing capital goods, taxable person

Purchaser not liable for clawback of seller's input tax

Re-registration

Records

Registration

Relevant amount of capital expenditure

Self-supply, groups of companies

Taxable use

Calculation, other methods

Change of use during an interval

Generally

Incorrect claims in initial interval

Quantifying

Transfer of business as going concern

Use and first use

Zero-rated premiums

Transfer of activities

Transfer of business as going concern

Adjustments by transferee

Adjustments declaration

Final adjustment by transferee

Generally

Transfer of registration number

Transfer stops an interval

VAT groups, no self-supply

Value added tax

Value of items

Generally

Refurbishment or fitting out work, alternate method

VAT groups

Accommodation a capital item

Adjustments, declaration

Changes to intervals

Generally

Joining stops an interval

Land and buildings

Registration

Transfer of going concern