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This work covers how VAT is charged on assets a business buys that are also used privately, and how input tax recovery is adjusted where private use occurs. A solicitor in this area assesses whether input tax on assets such as company cars, equipment and other capital goods can be wholly or partly reclaimed, and advises on apportionment methods, adjustments under the Capital Goods Scheme, and robust record-keeping to stay compliant with HM Revenue & Customs rules. They also help plan for potential VAT liabilities arising from private use and draft disclosures for VAT returns to avoid penalties.
