VAT

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Vouchers and VAT

24th April 2024
Your business sells vouchers to customers that can be redeemed against goods or services that you sell in the future. But how should you account for VAT on these vouchers?  Naomi Swan provides the answer. What is a voucher? Many vouchers issued by your business will be electronic rather than in paper format. This is...

Electronic or paper invoices?

12th March 2024
You have recently switched to electronic invoicing. However, some customers are insisting on paper invoices. Must you comply with these requests?  Elaine Wight answers this question below. While the design and layout of your business invoices is up to you, there are government regulations that require you to include certain information about your business and...

Group registration and leasing cars

10th January 2024
Your business is registered as a VAT group and is partially exempt. All cars are leased through one group member that only has taxable income. How much input tax can you claim on the leasing payments and what other issues must you consider?  Associate, Bob Johnstone from our Galashiels office explains in this article. Even...
tree planting, charity donation

Is VAT payable on charity donations?

5th January 2024
A trustee of an environmental charity has launched a fundraising appeal to ask for donations from supporters. One tree will be planted in a city centre for each £20 donation. Are the donations subject to VAT as a supply of services?  Naomi Swan explains in this article. What is a donation? VAT is not payable...

VAT on loss-making networking events?

30th November 2023
A business regularly hosts networking events at a hotel, charging £30 per delegate for light refreshments and the travel costs of a guest speaker. They don’t charge output tax as all events make a loss but input tax is claimed on the costs. Is this correct?  VAT expert John Craig explains in this article. There’s...

Can you give free stock to staff?

31st October 2023
Your business buys and sells goods and it’s company policy to give some free items to staff. You also personally take some stock for yourself and your family. You amend your stock records for these but what should you do with the VAT? Kenny Logan from our Edinburgh office advises below. There may be occasions...

Second hand goods and a VAT margin scheme

31st October 2023
The rules of VAT are fairly simple. You can reclaim VAT you pay on goods or services you buy for your business and charge your customer VAT when you sell them. But how should you handle VAT where you buy or sell second-hand goods? VAT expert John Craig explains. You may have heard of VAT...

VAT on land?

26th September 2023
You have a deal with a local farmer, giving you first refusal to purchase ten acres of land including buildings if the farmer decides to sell it in the next ten years. Is the farmer right to charge VAT on the fee and can you claim input tax? Vat expert John Craig explains below. A...

Can you claim VAT on invoices in own name?

7th September 2023
It’s common for directors and employees to buy things for the company in their own name or to use their personal Amazon account for convenience. The problem is that the invoice is then addressed to them and not the company. Can you claim the VAT back?  VAT Expert John Craig provides the answer. The key...

New payment option for VAT

4th September 2023
If a business can’t pay the VAT it owes on time, a new time-to-pay option could provide some breathing space. Who can take advantage and how can it be applied for?  Naomi Swan explains. If a business cannot pay its VAT on time and owes less than £20,000, it is now possible to set up...