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Common Errors in the treatment of VAT on income

Be very careful when dealing with income that is described by any of the following headings; some of the terms are commonly interchanged and can mean different things to different people.

  • Donations
  • Contributions
  • Grants
  • Recharges
  • Re-imbursements
  • Refunds

In all cases it is essential to establish exactly who is doing what, to whom, where and why!

 


Source URL:https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-9-vat-and-other-taxes/common-errors-treatment-vat