The guidance around the Tour Operators Margin Scheme (VAT Notice 709/5) has been updated, including Paragraph 6.1, which details how to work out the selling price under the Tour Operators Margin Scheme. It states that the selling price should include: the total VAT-inclusive selling price of all your...
VAT refunds for DIY builders If you build your own house or convert an existing property into a home, you may be eligible to apply for a VAT refund on building materials and services. You do not need to be VAT registered to claim a refund. What...
h Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years. The essential elements for businesses and organisations are: Paper records will no longer be sufficient: It will become mandatory for almost all businesses and landlords (self-employed, partnerships, limited companies and...
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: 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...
VAT cannot be recovered on business entertainment expenditure. 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 on...
VAT returns are made quarterly in the majority of cases, but there are monthly and annual schemes. You must file your VAT return online by the end of the month plus 7 calendar days of the period end. For example for a quarter ended in May,...
The treatment of car motor expenses for VAT purposes can be quite complex. Car Leasing You are normally only permitted to reclaim 50% of the input tax for the cost of car leasing regardless of the price of the car. However this restriction does not apply if...
VAT From 1 April 2013 2012 Standard rate 20% 20% VAT fraction 1/6 1/6 Taxable turnover limits Registration - last 12 months from 1 April or next 30 days over £79,000 £77,000 Deregistration - next year under £77,000 £75,000 Annual accounting scheme £1,350,000 £1,350,000 Cash accounting scheme £1,350,000 £1,350,000 Flat rate scheme £150,000 £150,000 Changes to registration and deregistration thresholds From 1 April 2013, the taxable turnover threshold, which requires a person...