VAT Tag

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...

The information provided in this article shows how you must account for VAT if you buy-in and re-sell travel facilities as a principal or an undisclosed agent (that is, acting in your own name). TOMS is the special name given to businesses that buy-in and re-sell travel, accommodation, and certain other services. Traditional tour operators are not under the jurisdiction of this scheme.

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...

What is property development?   Property development is a business process. It encompasses activities ranging from renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. What are the issues?   There is a wide range of tax...

From 1 April 2010, any VAT registered business with a turnover in excess of £100,000 per annum has to file their VAT returns online and pay any VAT due electronically.  Also, any business registering for VAT on or after 1 April 2010 must file their VAT returns online...

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