Most Recent Issue

CORONAVIRUS - PAYMENT DEFERRAL

Annual accounting - improve cash flow!

HMRC has confirmed that the three-month VAT payment deferral period will also apply to users of the annual accounting scheme. What can you do to maximise cash-flow savings in these difficult times?
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CORONAVIRUS - LOANS

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?
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OVERCHARGED VAT

What if you’ve overpaid due to an incorrect rate?

A supplier has been applying 20% VAT to your purchases for the last six years, instead of 5%. Are you liable to pay back the VAT you have overclaimed, and how should you ensure you aren’t out of pocket?
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LETTING

Do you charge VAT if another business trades in your shop?

Your retail business owns a shop. Another business owner has asked if they can pay for some space to promote and sell their own products. What are the VAT issues to consider with this proposal?
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ASSOCIATED BUSINESSES

Multiple businesses: dealing with management charges

One of our subscribers operates two businesses. One incurs all of the overheads and other expenses, and makes a management charge to the other. However, the second business can’t reclaim input tax. What should they do?
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CORONAVIRUS - INVOICE FACTORING

Account for VAT with factoring arrangements

Owing to cash-flow difficulties caused by the coronavirus outbreak, you have decided to use a factoring arrangement as an alternative to a bank loan. As a cash accounting scheme user, how do you ensure your VAT returns are correct?
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Last updated: 29.05.2020

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