Whilst insurance transactions are generally VAT exempt there are issues which can arise concerning the VAT treatment of insurance claims. Insurers are unable to recover any VAT incurred in obtaining replacement goods or having repairs carried out for a policy holder. This supply is treated as being made to the policy holder regardless of who

1 December 2023 – Due date for Corporation Tax payable for the year ended 28 February 2023. 19 December 2023 – PAYE and NIC deductions due for month ended 5 December 2023. (If you pay your tax electronically the due date is 22 December 2023). 19 December 2023 – Filing deadline for the CIS300 monthly

HMRC’s manual explains the different types of treatment of rents related to a trade or profession. The guidance makes it clear that a trade or profession may include rents from temporarily surplus trading or professional accommodation in the trading or professional profit or loss computation. This can only be done in the following circumstances: the accommodation

The government has published updated information about flexi-job apprenticeships using an approved agency and new information about the portable flexi-job apprenticeships pilot. Flexi-job apprenticeships take place in sectors and occupations that often use short-term contracts or other non-standard employment models.  Employers and apprentices can use an approved flexi-job apprenticeship agency where the agency: employs the

In general, VAT does not have to be accounted for on business gifts to the same person once the total cost of the gifts does not exceed £50 before VAT in any 12-month period. The definition of business gifts includes items from brochures, posters and advertising matters, gifts to trade customers, long service awards and

In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep your money in their bank account. In this post we describe the opposite situation, where you are granted longer terms to pay bills from your suppliers. If you take delivery of goods and services and

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000 will result in a reduction in personal tax allowances and can result in your

If your business grants a customer time to pay – say 30 days – after the services or goods supplied have been delivered, effectively, your money stays in their bank account for 30 days. Further, if you have incurred costs regarding a sale, that have to be paid for before your customer settles their bill,

The Economic Operators' Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses communicate with customs officials when they are importing and exporting goods. The EORI allows businesses to provide pre-arrival/pre-departure information for goods. Businesses in the UK are still usually required to hold an EORI number for

Most business owners will appreciate the difference between one-off sales, and services that are generally described as recurring. For example, you may sell a laptop (a one-off sale) and then bolt on a support contract (a recurring sale). The advantage of recurring income streams is that they not only impact your current sales numbers, but