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Claim VAT for Entertainment Expenses
When can you claim VAT for entertainment expenses?

Assuming your business is VAT registered and not partly exempt, input tax can be claimed on your expenditures. However, entertainment expenses are subject to a specific tax block and the scenario below demonstrates this concept clearly. Scenario While working on client site, John, an audit partner in an accountancy firm often visits restaurants for lunch. During this time, he is usually accompanied by two…

Trader Support Service goes live
Trader Support Service goes live! Changes to take effect from 1st January 2021

Trader Support Service (TSS) is used to guide through any changes due to implementation of the Northern Ireland Protocol if goods are moved between Great Britain and Northern Ireland. Please note that goods will not be allowed to move between Great Britain and Northern Ireland from 1 January 2021 if you are not ready for the changes. What can signing up for the free…

What are the different types of statutory residence tests?

The Statutory Residence Test determines your residency status for tax purposes. It looks at days spent in the UK, work dynamics along with UK ties. However, please note that if you are a non-resident this year, it does not mean that you will be a non-resident in the next year too and this status can change. How are Leavers and Arrivers defined? UK resident…

COVID-19 Extended Support announced by the Government to provide further relief to businesses

With uncertainty around COVID-19 still looming around the world, the UK government has decided to extend their COVID-19 support to certain schemes to help and assist businesses facing a downturn. Extended support has been provided for Job Support Scheme, Self-Employment Income Support Scheme,  Job Retention Bonus, Coronavirus Job Retention Scheme Deferring VAT and PAYE Tax Payments and Coronavirus Loan Extension Scheme. What is the…

What is Intrastat and what should you know about it?

What is Intrastat? Intrastat is a system that collects statistics on the trade in goods between European Union (EU) member states. Please note that supply of services is excluded from intrastat. Which businesses should submit Intrastat? All VAT-registered business trading goods with other EU member states are supposed to make certain declarations and submit intrastat. What determines the amount of information required for intrastat…

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