Christmas is the time for parties and if you hold a staff party to reward your staff for all their hard work, you can reclaim VAT on all the costs. If, however, your employees bring along guests who don’t work for the company, then you must apportion the VAT reclaimed to reflect this. If you … Continue reading Christmas With The VAT Man
Green & Co's Ed Gooderham answers the South Wales Argus Big Question this week. Tomorrow is the Autumn Statement from Chancellor George Osborne. Business Argus asked local business people what they would like to see him announce... Image courtesy of Idea go at FreeDigitalPhotos.net
Machine Games Duty (MGD) is a tax that needs to be paid over on games machines if at least one of the prizes on offer is cash and greater than the smallest cost to play the game to start with. This also includes machines such as quiz machines and other skill machines. All pubs with … Continue reading Machine Games Duty (MGD)
The VAT Road Fuel Scale Charges have been amended with effect from 1stMay 2015. The new rates can be found here. If a business is VAT registered and purchases road fuel for business use, but there is also private use of a vehicle, then an adjustment needs to be made to ensure that VAT is … Continue reading Road Fuel Scale Charges From 1st May
As outlined in the 2014 budget, there is a higher rate Machine Games Duty (MGD) due from the 1st March 2015. This new higher rate will apply to gaming machines where the charge payable for playing can exceed £5, and is expected to have the greatest impact on bookmakers and casinos. The measure is said … Continue reading Higher Rate Machine Games Duty Is Drawing Closer
To mark the news that Turkish food giant Yildiz has swallowed up the maker of Mcvitie's, United Biscuits, we look back at the unusual VAT tribunal case of 1991 and the curious case of the Jaffa Cake. Customs and Excise had accepted since the start of VAT that Jaffa cakes were zero-rated as cakes, but … Continue reading The Great Jaffa Cake Debate
Seasonal Gifts Gifts given to staff or customers are legitimate business expenses and therefore the VAT incurred on the cost of these can be recovered as input tax. However, this gift is classed as making a supply for VAT purposes, so as a general rule the business will have to account for VAT on the … Continue reading ‘Tis The Season Of Giving – The VAT Rules For Seasonal Gifts & Staff Parties
Currently, the place of taxation for the supply of digital services is determined by your location as the supplier. However, from 1 January 2015, the place of taxation will be determined by the location of the consumer for Digital Suppliers to the EU. This is a significant change, and in order to work out the … Continue reading VAT Is Changing for Suppliers of Digital Services to the EU
There are two parts to this question: the room, and the services provided. 1) The room First of all, you have to look to see if you've granted a licence to occupy land. Simply put, if the agreement grants right of occupation of an office for an agreed duration in return for payment, and gives … Continue reading Do I Charge VAT When Letting A Serviced Office?
Flat rate VAT is a scheme introduced by HMRC to help businesses simplify their VAT accounting, in turn reducing the amount of time spent on calculating their liabilities. Many business love the sound of a reduced rate in VAT...but is it worth it? The flat rate VAT scheme allows businesses with a VAT inclusive turnover … Continue reading It’s As Easy As That With Flat Rate VAT!