HMRC guidance on VAT treatment of assets used partly for non-business purposes, including Lennartz accounting

HM Revenue & Customs (HMRC) has published VAT Info Sheet 14/07 (the information sheet) which gives comprehensive guidance on the three ways in which businesses can account for VAT on assets used partly for non-business or private use purposes. The information sheet focuses on one method, so-called Lennartz accounting and covers how it operates and what assets it may apply to.

In this update, we highlight the key aspects of HMRC's interpretation of Lennartz accounting treatment.



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