Most Recent Issue

MAKING TAX DIGITAL

Will the latest MTD concessions help?

Most VAT-registered businesses have to keep digital records. HMRC has announced a relaxation of certain requirements, including petty cash. However, there are monetary limits, so how can you take advantage?
More...

CONTRACTS

Compensation for cancelled contract: is VAT due?

You have a contract with a supplier. You have agreed to terminate this early for a cancellation fee of £50,000. The supplier thinks VAT has to be added to this. Are they correct?
More...

PARTIAL EXEMPTION

Taking advantage of the three de minimis tests

Your business has recently become partially exempt. You have read that you can still recover all of your VAT if you “meet the de minimis tests”. Why might you inadvertently pay too much and what must you ensure you don’t forget?
More...

BONUS PAYMENTS

What is the VAT liability on a bonus payment?

An architect earned a fixed fee for obtaining planning permission to build houses on some land. He will now receive a contractual bonus because the land sold for more than expected but the landowner is refusing to pay VAT. Is he correct?
More...

CHARITY DONATIONS

Is it a donation or sponsorship, or both?

HMRC has recently updated its guidance about when a payment to a charity could comprise two different elements, with different VAT outcomes for each part. What opportunities does this create for both charities and sponsors?
More...

RELOCATION COSTS

Can you reclaim VAT on staff relocation costs?

Your business is relocating to the other side of the country. Some staff are being made redundant and others will be relocated. What do you do about the input tax incurred on related costs?
More...

OUTPUT TAX

Bad debt or credit note?

Last updated: 23.08.2019

More from Indicator - FL Memo Ltd