VAT adjustments: Change in use
| OUTCOMES OF TOPIC After studying the topic related to VAT adjustments with regard to change in use you should be able to: ✓ Identify when an increase in taxable supplies will result in an Input tax adjustment; ✓ Calculate an Input tax adjustment; ✓ Identify when a decrease in taxable supplies will result in an Output tax adjustment; ✓ Calculate an Output tax adjustment; ✓ Understand the impact of VAT adjustments on leasehold improvement costs incurred on the lessee and lessor; Disclose VAT adjustments due to change in use on the VAT201 return. |