- VAT for Schools
- the Capital Goods Scheme introduced in 1990
- VAT on costs only recoverable if used in making taxable supplies
- Independent schools historically only able to recover 1-2% of VAT incurred on costs
- CGS includes certain capital expenditure items like land and buildings
- Capital assets under CGS deemed to have a 10-year life
- VAT year ends in spring VAT return quarter (March, April, May)
Source: haysmacintyre.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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