We bring you some sweet VAT saving tips and updates
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VAT Insight
Welcome to our regular
e-newsletter, VAT 'Insight', highlighting current issues that could be affecting you and/or your business. |
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Festive Themed VAT Saving Cheer
The Staff Office Party
VAT incurred on business entertainment is irrecoverable, however VAT relating to staff entertainment is fully recoverable as this is seen as maintaining and improving staff morale, and is therefore a business expense.
Christmas Gifts
A business does not have to account for VAT on any gifts where the total cost does not exceed £50 (excluding VAT) per person in a 12 month period.
Mince Pies
Chancellor George Osborne initially announced in his March Budget that any baked goods sold ‘above ambient temperature’ would be liable for VAT at 20%. After intense pressure, the Government decided that VAT would only apply to bakery goods that were kept warm after baking, via a hotplate or similar, and not those that happened to still be warm when sold, for example when just ‘fresh baked’, much to the relief of bakers and consumers alike.
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Charity Gift Aid Repayment
Charities claiming Gift Aid repayments should be aware of changes coming into effect from April 2013. A new form and new online service will be introduced to allow claims to be submitted online.
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Machine Games Duty Deadline Extended
Online registration for the new Machine Games Duty (MGD) regime has been extended until 11 January 2013, after representation from the industry.
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New EU VAT Invoicing from 1 January 2013
From 01 January 2013, two new EU VAT invoicing rules come into effect intended to simplify processes for business raising invoices to other EU countries.
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Full Article
To read this article in full click here.
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Merry Christmas
Wishing you all a Merry Christmas and Prosperous New Year from the VAT team, and everyone Henderson Loggie.
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