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VAT treatment of deposits

It is fairly common, particularly in the summer holidays, to pay  deposits when booking a hotel or self-catering accommodation but how should the deposit be accounted for?

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Business News

What does the 5% temporary VAT rate apply to?

The temporary 5% rate applies to the following supplies, but is not an exhaustive list:

Catering, including hot takeaway food
Accommodation in hotels, guest houses and similar places
Tourist attractions such as theme parks, zoos, theatres and cinemas

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Business Advice

More details on hospitality VAT reduction

When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021.

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Business Advice

Returning From Furlough

Bringing your employees back from furlough is not a straightforward process. As furloughed employees begin to return to work, business owners and managers need to consider both the practical and emotional aspects of returning to “normal”

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Business Advice

Second self-employed income support grants to be paid in August

Second self-employed income support grants to be paid in August:

On 29 May the Chancellor announced that the grant scheme to support the self-employed would also be extended with a further payment based on 70% of average profits for the 3 years ended 2018/19, limited to £6,570 rather than £7,500.

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Business Advice

“Flexible Furlough” from 1 July

From 1 July the new CJRS “Flexible furlough” grant scheme starts, which will allow employers to gradually bring their furloughed employees back to work part-time. The new scheme will be in place until the end of October and the Government will gradually reduce the amount of grant towards employees’ furlough pay to 70% in September and 60% in October.

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Business News

Football referees are self-employed

Many of you will be looking forward to the football season resuming, albeit behind closed doors. There has been an interesting tax case recently concerning the employment status of referees.

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Business News

New Authorised Economic Operator Opens 1 June 2020

The Government are still committed to the transitional Brexit period ending on 31 December 2020 and businesses trading with the EU need to make sure they are ready for major changes. If you’re submitting an application for Authorised Economic Operator (AEO) status from 1 June 2020, you must submit them through the EU Customs Trader Portal.

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Business Advice

Can we “furlough” company cars?

During the lockdown period many employees and directors have not been using their company cars and it has been sitting on their driveway. You might think that means that the benefit of having a company car does not apply but unfortunately HMRC do not agree.

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construction builder on site
Business News

Job retention furlough scheme extended to October

Chancellor Rishi Sunak announced on 12 May that the CJRS furlough scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited to a “grants received” account, and this will therefore increase taxable profits of the business.

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Business Advice

CGT private residence relief changes go ahead

The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020.

The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation

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Business News

Impact on the high-income child benefit charge

Child benefit charge: With many employees and the self-employed being furloughed, being made redundant, or making lower profits, their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed.

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