INPUT TAX - 01.07.2024
How to deal with overcharged VAT?
One of your suppliers has made an error on their most recent invoice and charged you too much VAT. How should you deal with the error to avoid a potential problem with HMRC?
Read more
MOTORING EXPENSES - 01.07.2024
Is there a better option than the scale charge?
HMRC announced revised CO2 emission scale charge rates for private road fuel from 1 May 2024. But is there an alternative way of accounting for VAT on the private fuel used for your business vehicles?
Read more
MAKING TAX DIGITAL - 01.07.2024
MTD for Income Tax Self-Assessment - what’s the latest?
In February 2024 important amendments to the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) rules became law. How will the changes affect your business when MTD ITSA becomes mandatory?
Read more
VAT - 12.06.2024
VAT reclaim failed due to missing information
A First-tier Tribunal (FTT) was asked to rule on a dispute between a company and HMRC relating to a VAT refund. Its decision turned on whether the documents that the company’s claim was based on were sufficient. What was the outcome?
Read more
PROMOTIONS - 04.06.2024
How to account for VAT on customer vouchers?
Your business will sell vouchers to customers that can be redeemed in the future against goods or services that you sell. How do you account for VAT on these vouchers to avoid a problem with HMRC?
Read more
VAT CASES - 04.06.2024
Could payment of assessment be delayed due to financial hardship?
The case. SC Business Gateway Ltd (S) bought luxury merchandise in the UK, such as perfumes, and sold them to customers in Asia. HMRC had concerns about the accuracy of its VAT returns, so issued an input tax assessment for £273,858 for periods February 2021 to January 2022. S asked for payment of the assessment to be postponed while it was going through the appeals process. HMRC refused. ...
Read more
