LATEST NEWS

Getting VAT back on equipment supplied to workers

Currently you pay your employees an allowance to buy equipment which they use for work. But a business associate says it’s more VAT efficient for you to buy the equipment and lend it to your staff. Is this correct? VAT and employees Employers and employees have a special relationship for VAT purposes as far as wages are concerned. While workers... [FIND OUT MORE »]

Maximising VAT claims on equipment

When your business buys equipment that’s used both for work and personal purposes, you can’t usually reclaim all the VAT. But for some types of purchase HMRC allows it. When does this apply? Different tax = different rules While VAT and direct tax rules tend to follow each other fairly closely there are exceptions. For example, for income and corporation... [FIND OUT MORE »]

Payment Discounts – All change for prompt payers?

HMRC has issued guidance on how businesses should deal with prompt payment discounts from 1 April 2015. What are the key factors? What’s new? Following the withdrawal of the prompt payment discount (PPD) concession in the 2014 Budget, HMRC has issued guidance on how businesses should account for VAT under the new accounting rules. Suppliers should issue a VAT invoice recording... [FIND OUT MORE »]

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