You’ve incurred the service costs of another business in the course of supplying one of your customers. If you incorporate it into your bill do you have to add VAT to it?
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Trusts don’t have to be complicated and they can be a tax-efficient way to make gifts and keep some control. But if you have or intend to make gifts outside of the trust there’s a trap you need to be
aware of. How can you dodge it?
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Some businesses can benefit from a reduced 5% VAT rate on fuel and power in the same way that residential properties do. Who can potentially qualify, and are there any conditions?
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HMRC sets out strict criteria for the content of VAT invoices, but do you have to issue one in all circumstances? Are there any potential opportunities in respect of timing the issue of invoices?
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In some situations, when you receive a deposit ahead of providing a service, or as security, it can have VAT consequences. When does this apply, and when is the VAT actually accountable?
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If your business is partially exempt, you might not be entitled to reclaim all the VAT paid on purchases, for example those incurred on staff costs. What steps can you take to improve the position?
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Don’t assume that when you register for VAT, your return due dates will tie in nicely with your accounting year. HMRC will automatically allocate the VAT return dates for you, but what if these dates
make things awkward for you?
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Additional security has been added to HMRC’s login process for business tax accounts. What extra steps are needed to access your online tax services?
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The tax and NI payable on company cars is already high and is set to increase for each of the next few years and probably longer. How can you use a simple arrangement to make a company car more tax
efficient?
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