Insurance payout
Dottie
Registered Posts: 99 Regular contributor ⭐
Hi
My client had flood damage to his guest house and the insurance company paid the money directly to him and he then had to pay for the work to be done. Does he have to pay VAT on this (he is on the flat-rate scheme)?
The payout also included an amount for loss of earnings.
My instinct says no, but it;s that time of year!
Thanks as always.
Dottie
My client had flood damage to his guest house and the insurance company paid the money directly to him and he then had to pay for the work to be done. Does he have to pay VAT on this (he is on the flat-rate scheme)?
The payout also included an amount for loss of earnings.
My instinct says no, but it;s that time of year!
Thanks as always.
Dottie
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Comments
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There are various exemptions in the flat rate scheme. I would check through the paperwork on HMRC website for clarification. My instinct would be no too.0
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I don't think so...0
