Do you travel or incur costs in the EU? Did you know that you can claim the VAT back on any of these costs, for example, hotel bills, conferences or exhibitions you have attended? But who is entitled to a VAT refund? Well most business entities around the world will qualify for a refund. However, [...]
Following a recent ruling by the European Courts it looks like the Treasury could be forced to reimburse business for what was previously thought to be exempt VAT on entertaining foreign clients. So, if you have over the last 12 years incurred VAT that you did not recover on hotels, flights and other entertaining costs [...]
From 1 April 2009, the test that requires a business to check that its total income is less than £187,500 for entry into the VAT Flat Rate Scheme will be removed. Instead, eligibility to join the scheme will be determined solely by the taxable turnover of the business, which must be less than £150,000. [...]
For VAT periods starting on or before 1 July 2008 errors do not have to be disclosed if their total value is not more than £2,000. From 1 July 2008 this limit went up to £10,000, except for businesses with a turnover of more than £1 million. For these larger businesses, the limit is 1% [...]
I have mentioned this before, but I feel it is important enough to raise again. If you run a small business and are finding it difficult to pay your tax bills now is the time to seize the opportunity given by the Chancellor in his Pre-Budget Report 2008, a promise to you to take ‘as [...]
From 1 January 2009 mileage rates are to change again. With effect from 1 January 2009 (previous rates) the following rates apply for reimbursement of fuel costs for company car drivers: Engine Size Petrol Diesel LPG 1400cc or less 10p (12p) 11p (13p) 7p ( 7p) 1401cc to 2000cc 12p (15p) 11p (13p) 9p ( [...]
Below I have reproduced the new Flat Rate VAT percentages, these are to be used from 1 December 2008. Category of business Appropriate percentage Accountancy or book-keeping 11.5 Advertising 8.5 Agricultural services 7 Any other activity not listed elsewhere 9 Architect, civil and structural engineer or surveyor 11 Boarding or care of animals 9.5 [...]
Thanks to our friends at winweb here is guidance on dealing with the VAT Rate change on our winweb online accounting software: The preset VAT rate, in OnlineOffice, will be changed to 15% on 1st December 08. If you have any transactions to post with 17.5% VAT, please go to VAT and Tax > Tax [...]
If you run a small business and are finding it difficult to pay your tax bills now is the time to seize the opportunity given by the Chancellor in his Pre-Budget Report 2008, a promise to you to take ‘as long as they need’ to pay up. It is worth noting the lower rates of [...]
As you will all know by now VAT will from 1 December be reduced from 17.5% to 15% for a 13 month period. Please ensure if you are using software to maintain your accounts that this software is updated for the change. For a summary on dealing with the rate change please click here. For [...]
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