VAT - 22.06.2020
How to make a successful late VAT claim
Your bookkeeper has found a batch of purchase invoices on which VAT hasn’t been reclaimed. They date back a few years and you think that it may be too late to reclaim the VAT. What is and isn’t allowed?
VAT - 13.05.2020
Partial exemption - improving your VAT recovery
As a partially exempt business the amount of VAT you can recover on purchases is restricted unless overridden by the de minimis rules. These can be applied in different ways, but which produces the best outcome?
CORONAVIRUS - LOANS - 01.05.2020
Can you reclaim VAT on costs linked to a new bank loan?
The ongoing coronavirus crisis has led to your business applying for a new bank loan. The bank requires you to pay certain costs, including a survey fee, as a condition of the loan. Is there any issue with reclaiming the VAT on these costs?
CUSTOMER GIFTS - 09.04.2020
How do you deal with VAT on gifts to customers?
Your business has enjoyed a successful trading year and you have decided to reward loyal customers and a local charity with a special gift. Can you claim input tax on the purchase of these goods or is the situation more complicated?
VAT CASES - 09.04.2020
Input tax could be claimed on fees for directors’ tax advice
The case. A construction company (TP) engaged two different tax firms to advise it on how to pay bonuses to three directors in the most tax-efficient manner in 2012 and 2013. HMRC disallowed input tax of £9,970 claimed by the company on the basis that the expense was to reward the directors in their personal capacity, so it was not a business expense relevant to the company. ...
VAT - 04.02.2020
Is advice about personal tax a business expense?
The First-tier Tribunal recently ruled on whether a company was entitled to reclaim VAT on fees it paid for advice about a scheme to reduce income tax bills for its directors. What was the outcome and how might it be relevant to your business?