- : Year 12, issue 04?issue=04&offset=2&volume=12

 
Is VAT payable on cash stolen by employee? Publication date: 27.01.2022
Article database
Is VAT payable on cash stolen by employee?..Q. We trade as a retailer and have discovered that a member of staff has been under-stating our sales by taking, say, £30 cash from a customer, and only recording the sale as £25 in the till. Must we account for VAT on the £5 shortfall in this example? Does it make a difference if the stolen cash is never...
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Intrastat arrival returns abolished Publication date: 27.01.2022
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HMRC has confirmed that Intrastat arrivals reports are no longer necessary for a GB based firm since 1 January 2022. What does this mean for your business?
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Goods sold to a UK customer but delivered to EU Publication date: 27.01.2022
Article database
One of your customers is UK based and has asked you to manufacture some goods and export them directly to their customer in Ireland. Their customer is VAT registered in Ireland. How do you deal with VAT for the Irish trade?
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Tips for when you leave the cash accounting scheme Publication date: 27.01.2022
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Your turnover has grown since the end of the last lockdown, and you must now leave the cash accounting scheme at the end of your current VAT quarter. How can your business mitigate the cash flow challenges this will create?
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Challenging HMRC’s crackdown on legal fees Publication date: 27.01.2022
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You are the sole director and shareholder of your limited company and one of your customers has issued legal proceedings against you and the company. Can you claim input tax on the legal fees to defend your case?
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Ensure your suppliers don’t charge VAT incorrectly Publication date: 27.01.2022
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HMRC officers will often check that your business has not claimed input tax on supplies that should be exempt, zero-rated or outside the scope of VAT. You can only claim correctly charged VAT. What are the three main risk areas that you should be aware of to avoid a problem with HMRC?
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Accounting for VAT on gift vouchers Publication date: 27.01.2022
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One of our subscribers is a retailer of sports equipment and issues gift vouchers that can be redeemed for goods in the following twelve months. Our subscriber only accounts for VAT when the voucher is redeemed. Is this a VAT error?
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Flat rate scheme errors: can HMRC assessment be struck out due to poor customer service? Publication date: 27.01.2022
Article database
Flat rate scheme errors: can HMRC assessment be struck out due to poor customer service?..The case. The taxpayer (SDC) used the flat rate scheme (FRS) and the 14% rate for management consultants, reduced to 13% in its first year of using the scheme. The director made two basic errors in her calculations: she accounted for FRS tax by applying the 13%...
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Was supply a property lease or self-storage? Publication date: 27.01.2022
Article database
Was supply a property lease or self-storage?..The case. The taxpayer (H) constructed mezzanine floors in a building and then inserted fixed storage pods that could be used to store goods. It leased the pods to investors on a 999-year lease, with a guaranteed return of 8% for the investors. The investors could charge third parties directly for the pods...
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Can we deregister and use the OSS instead? Publication date: 27.01.2022
Article database
Can we deregister and use the OSS instead?..Q. We are a large building business and mainly work for wealthy people with big houses. We work in Ireland, the Netherlands and Sweden, so have separate VAT registrations in each country. But is it correct that we can deregister and instead submit one quarterly return with the one stop shop (OSS) scheme? A....
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