Most Recent Issue

MAKING TAX DIGITAL

MTD soft landing period extended?

HMRC will allow some businesses to continue using cut and paste software links beyond April 2020. Could your business utilise the extension to aid with MTD?
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BAD DEBT RELIEF

Avoiding costly mistakes with bad debt relief

Unless you use the cash accounting scheme, relief for VAT on bad debts needs to be reclaimed. However, there is a particular procedure to follow in order for a valid claim to be made. What do you need to do?
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CASH ACCOUNTING SCHEME

What happens if you go over the exit threshold?

One of our subscribers uses the cash accounting scheme due to its cash flow advantages. They exceeded the scheme’s exit threshold at the end of the last period due to the sale of an asset that was subject to VAT. Can they remain in the scheme?
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PROPERTY

Converted properties: selling rather than letting

Your business has converted an office block into six flats with a view to renting them out. But due to a change of circumstances, you have decided to sell two of them instead. Does this alter the VAT treatment of your expenses?
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DEBT RECOVERY

VAT when a defaulting customer pays up

After a lengthy recovery process, you have received £25,000 from a customer. This consists of the original invoice amount, £3,000 in legal fees and £400 of late payment interest. How much VAT do you need to account for?
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MOBILE PHONES

Can you claim input tax in full on employee phone bills?

Your annual accounts show that you spent £30,000 plus VAT on mobile phone costs for your employees, of which £10,000 related to line rental expenses. You intend to reclaim input tax in full on this expenditure. Is this allowed?
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Last updated: 06.04.2020

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