Are you a VAT registered business? If yes, and you want to figure out how VAT is applicable on your food items, this post is for you. Find out what VAT applies to food items. Our accounting experts dig deeper into what VAT applies to...
Are you thinking of giving Christmas gifts to your loved ones? With Christmas less than a week away, you may now be panicking about what to give your loved ones. Rather than join the chaos of the last minute Christmas shoppers, you might consider giving...
Brexit is the scheduled withdrawal of the United Kingdom (UK) from the European Union (EU). Following a June 2016 referendum, in which 51.9% voted to leave. The UK government announced the country's withdrawal in March 2017. Starting a two-year process that was due to conclude...
The guidance around the (TOMS) Tour Operators Margin Scheme (VAT Notice 709/5) improved, including Paragraph 6.1, which details how to work out the selling price under the Tour Operators Margin Scheme. TOMS states that the selling price includes: Total VAT-inclusive selling price of all your margin...
What are the eligibility criteria for a vat refund for DIY builders? You're eligible to apply for VAT refunds on building materials and services if you build your own house or convert an existing property into a home. You do not need to be VAT...
For at least 20 years making Tax Digital (MTD) is the most fundamental change to the tax administration system. Essential elements for businesses Paper records will no longer be sufficient It will become mandatory for almost all businesses and landlords (self-employed, partnerships, limited companies, and others) to...
Many company owners work from home. This note looks at how you may obtain home office tax relief on the cost of creating an office at home. If you are planning to convert the spare room into an office, you should read this article. A...
Q: I am an IT consultant, operating through a VAT registered UK company. I am supplying consultancy services to another UK IT business. I have incurred hotel, travel and meal expenses, and charging these on to the company I am supplying services to. Can I...
Business entertainment is the entertainment provided by a business/company to people other than employees. An example of this is the entertainment provided to customers. If it is provided to employees of the company or if it is not provided free it means it does not...
Recovering VAT on business entertainment expenditure is not possible. This includes the gratuitous provision to customers or clients of hotel accommodation, food, and drink, or tickets to events. If a director or employee entertains a customer or client whilst away from the workplace location, the VAT...
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