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April 2020 Questions and Answers

2020-04-01T19:43:10+01:00April 20th, 2020|Categories: Questions & Answers|Tags: , , , , |

Q. My business imports goods from the EU. What is the current position reading postponed accounting for VAT? A. There is now a transition period until the end of 2020 during which the UK and EU negotiate additional arrangements. The current rules on trade, travel, and business for the UK and EU will continue to apply during the transition period. In broad terms, new rules will take effect on 1 January 2021. HMRC have confirmed that from 1 January 2021, postponed accounting for VAT will apply to all imports of goods, including from the EU. This will allow businesses to [...]

September 2019 Questions and Answers

2019-09-16T17:36:46+01:00September 18th, 2019|Categories: Questions & Answers|Tags: , , , , , |

Q. I am a qualified chiropractor and I have been running my own business for many years. I would now like to specialise in a particular area and have enrolled on a university course to obtain the relevant qualification. The cost is around £18,000 per annum and the course is three years in duration, during which time I intend to continue working part-time. Is the cost of the course deductible for tax purposes? A. Expenditure incurred by the owner of a business on training courses for themselves is revenue expenditure if the course merely updates existing expertise or knowledge. Expenditure [...]

April Questions & Answers

2019-09-01T12:03:16+01:00April 14th, 2017|Categories: Questions & Answers|Tags: , , , |

Q. I have recently become aware that one of my employees has been selling my stock and pocketing the cash. As the money has never gone in the till, do I have to account for VAT on it? A. The VAT treatment depends on whether or not you've actually supplied the goods, what happened to them, who was responsible for them at the time and if you've issued a VAT invoice. Generally, where goods are stolen, no supply is made by the business, and so no output tax is due. However, where goods have been sold and cash is stolen, [...]