VAT

Gifts on Christmas

Inheritance Tax on Gifts for Christmas

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 a cash gift this Christmas. Because there is an inheritance tax […]

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VAT on Disbursements

VAT on Disbursements

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 treat these as disbursements, and therefore not charge any VAT

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VAT on Entertainment

VAT on 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 not fulfill the conditions to be called a business entertainment. The

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VAT Guide for Beginners

VAT Guide for Beginners

Most purchases carry a VAT charge. Levy Value Added Tax (VAT) on most business transactions and on many goods and some services. There are three rates of VAT in the UK: 20% (the ‘standard rate). 5% (‘reduced’ rate) and 0% (‘zero’ rate). You’ll register for VAT if any of the following apply: The taxable turnover

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VAT on business entertainmen

VAT on Entertaining Expenses

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 on that part of the entertainment expenditure which relates

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