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  • Tips & Advice VAT - Does the name on the invoice matter?
    Does the name on the invoice matter?..Q. I am the finance director of a large company and have just learned that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax problem? A. The two challenges with input tax are to ensure that an expense is always for the purpose of your business (and more specifically that it relates to taxable rather than exempt activities) and secondly that the goods...
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  • Tips & Advice VAT - Company allowed to claim input tax on solicitor’s invoices addressed to director.
    Company allowed to claim input tax on solicitor’s invoices addressed to director...The case. The sole director and shareholder of Praesto Consulting Ltd (PC) was the subject of civil proceedings issued against him by his former employer Customer Services Plc (CS), who alleged that he had removed sensitive confidential information when he left the company and used this to the commercial advantage of his new business. PC claimed input tax on the legal fees incurred in the case, which HMRC disallowed on the basis...
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  • Tips & Advice VAT - Can you claim input tax on assets carrying your logo?
    One of our subscribers claimed input tax on the purchase of a horse box on the basis that it advertises her business by showing the business name, logo and website address. HMRC is looking to disallow this. Who is right?
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  • Tips & Advice VAT - Can you claim back VAT on legal fees?
    One of your directors is facing litigation that could affect your business reputation. Can you claim input tax on their legal fees if your business, rather than the individual employee, agrees to pay the bills?
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  • Tips & Advice VAT - Can I claim VAT on costs of an abortive project?
    Can I claim VAT on costs of an abortive project?..Q. I run a chain of florist shops and am registered for VAT. I intended to open a business selling wedding-related items, and I took out a three-year lease on a high street property. The rental charge is £1,000 per month plus VAT. The project never got off the ground but I must still pay the rent for three years. Can I claim VAT on the payments, even though there will be no sales made from the shop? I’m currently undecided on how it will be used going forward....
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  • Tips & Advice VAT - How to avoid extra costs due to prepayments
    If you receive advance payments from your customers, you could be affected by a change hidden in the 2018 Budget small print, taking effect from 1 March 2019. But what is it and what should you do to avoid a real cash cost?
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  • Tips & Advice VAT - E-books to be zero or reduced-rated
    A breakthrough on a long-standing issue about the appropriate VAT rate for e-books means that these materials should be reduced or zero-rated soon. What could this mean for your business going forward?
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  • Tips & Advice VAT - How can you reclaim VAT on foreign purchases?
    If you don’t usually buy goods from abroad, you are probably unaware of how to go about reclaiming VAT you incur on those purchases. So how do you ensure you aren’t missing out on recovery?
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  • Tips & Advice VAT - When is input tax non-deductible?
    Your business will incur input tax when it purchases goods and services. Being registered for VAT and making taxable supplies allows much of this to be reclaimed, but when are you prevented from recovery?
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  • Tips & Advice VAT - Checking your VAT numbers
    HMRC recommends that you verify your customers’ or suppliers’ VAT numbers, but what is the best method of doing this, and what are the consequences of not doing so?
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