Capital Goods Scheme – Accountants In Croydon
August 25, 2022 ⚊ 1 Min read ⚊ Views 123 ⚊ BLOG
The Capital Goods Scheme (CGS) was implemented to adjust the input tax recovered on the acquisition of certain capital expenditure items that are not entirely used to make taxable supplies.
The scheme recognises that assets can be used by a business over time and that the extent to which the items are used to make taxable supplies may vary over time. It includes a mechanism for adjusting the initial input tax claimed over a 10-year period.
Tags: accounting, Capital Goods Scheme, CGT
