HMRC change RTI goalposts

What If You Can’t Pay Your VAT?

Ray Stewart Business, Tax Matters 0 Comments

This is a question that has come up several times recently. Now the 20% rate has been with us for a while, small businesses are finding it harder and harder to meet their quarterly obligations. The trouble is that cash flow is hard work now and many small businesses are finding the VAT is getting swallowed up in day to day trading.

ECJ Ruling Turns Take Away Food VAT On It’s Head!

Ray Stewart Business, VAT 0 Comments

The European Court of Justice has issued a ruling that will deeply affect the government if adopted here – and which is hard to see how they could refuse.

The current UK VAT position for hot takeaway food is that it is standard rated and so subject to 20% VAT. However, a recent ruling means that the supply of hot food is zero rated as long as it is consumed immediately off the premises.

Budget – 2010

Ray Stewart General, Tax Matters, VAT 0 Comments

Most people will now have heard the relevant bits of the budget given in Parliament today by the Chancellor, and lots of labour reaction to it. On balance I feel it was a very good budget given the circumstances. The rise in VAT will be unpopular but at least this brings us more into line with the rest of Europe. It has been 19.6% in France for some years and they are coping with it – so will we.

New VAT Fuel Scale Charges – Use From 1st May 2010

Ray Stewart General, Tax Matters, VAT 0 Comments

Here is some more “good” news in the run up to the general election next week…

Are you a business that provides private fuel for your employees? If so, you must apply the new VAT Fuel Scale Charges detailed below from the 1st May 2010.

This means any VAT period that starts on or after 1st May 2010.

These scale charges are a reduction of the input tax claimed on the fuel used for private motoring and work hand in hand with the P11D taxable benefit for private fuel provided to employees.

The new quarterly charges are (figures are inclusive of VAT)…

VAT Question From A Publican!

Ray Stewart Business, Tax Matters, VAT 0 Comments

I have just been asked about the VAT increase that is due to happen at 00:01 a.m. on the 1st January 2010 back to 17.5% and how it affect Pubs/Restaurants that are hosting a New Year’s Eve party. I thought it a good idea to clarify this point for everybody who may be wondering.

The rate is due to change at that moment, but for publicans/restaurants lucky enough (these days) to enjoy a busy New Year’s Eve party at their Premises,

VT Transaction Plus Bookkeeping Software – Changes Afoot!

Ray Stewart Bookkeeping, Business 0 Comments

I know all of you are aware of how much I love this bookkeeping package. Even now, it is unrivalled for ease of use, flexibility, multi-currency abilities, emailing invoices, editability…the list goes on.

This program has been under development for some years now and throughout all that time it has been offered to the world as a free program whilst it was improved, tested and extended in its beta form. Now though, this is coming to an end….

Tax & VAT Fee Insurance Is ESSENTIAL For All Businesses

Ray Stewart Business, Tax Matters, VAT 0 Comments

I know I have mentioned this a couple of times before but it still annoys me the number of clients that either refuse to pay out the £100 per year or so for the cover, or justify their non-action by thinking “it will never happen to me”.

Since April 2009 the investigation regime has changed. There were few trumpets and dancing girls to announce the change and consquently, 99% of business people have no idea things have changed and what it might mean for them.

HM Revenue & Customs are catching up to the 21st century