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BAD DEBT RELIEF

VAT flat rate scheme users missing out on bad debt relief

If a customer fails to pay your invoice you can, after six months, claim a refund of the corresponding VAT you accounted for to HMRC. But if you use the flat rate scheme a further adjustment might be needed to your profits. Why and what is it?

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MAKING TAX DIGITAL

MTDfV - are you ready for the next step?

Making Tax Digital for VAT became compulsory in April 2019 which means another important digital deadline is looming. What is it? More...

BENEFITS

Inventive ways to use trivial benefits

Despite the tax and NI exemption for trivial benefits being more than three years old, business owners are sometimes mystified about when and how they can use it, especially for themselves. How can you get the most from it? More...

STAFF LOANS

Writing off a debt owed by an former employee

An employee left their job with your company a year ago. They owed it £1,500 for a season ticket loan. You lost track of them so the directors have decided to write off the debt. What are the tax consequences? More...

EXPENSES

When is providing food and drink to customers deductible?

One of our subscribers hosts seminars and provides food and drink during the day. A tax inspector refused to allow a tax deduction for the cost because he says it’s business entertainment. Is he correct? More...

INHERITANCE TAX

Can you “maintain” your family at HMRC’s expense?

Giving away your wealth to members of your family reduces your estate for inheritance tax purposes, but only after seven years. However, it’s possible to achieve the same result without the wait. What steps do you need to take? More...
Last updated: 17.01.2020

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