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Rent received from letting surplus business accommodation is strictly assessable as property income. However, in some cases, rents from surplus business accommodation may be included in the calculation of the trading profits if certain conditions are met. These conditions are: the accommodation must be temporarily surplus to current business requirements. S21 of Income Tax (Trading … Continue reading
From Oct 01, 2019, VAT-registered subcontractors in the building trade are no longer allowed to charge VAT to VAT-registered contractors. Note that the end-user customers you provide services to are not affected so you must carry on charging them VAT. THE following list shows what the new invoices issued to VAT-registered contractors from Oct 01, … Continue reading
Phoenix Debola 