VQOTW: PRICE REDUCTIONS AND CREDIT NOTES

VQOTW: PRICE REDUCTIONS AND CREDIT NOTES

My client invoiced for a supply of project management services but the project proved less complex and time-consuming than expected. As a result, as this is likely to be a regular client, he is going to agree that the price should be reduced, and a partial refund...
VQOTW: FINANCIAL INTERMEDIARIES

VQOTW: FINANCIAL INTERMEDIARIES

My client is an independent mortgage advisor, who is not VAT registered. Her turnover is above £85,000 and all of her income is either commission, which is paid by UK lenders, and flat fees received from customers seeking a mortgage. In the last 12 months, £75,000 of...
VQOTW: RENOVATION OF AN EMPTY DWELLING

VQOTW: RENOVATION OF AN EMPTY DWELLING

My client recently purchased an empty 3 bedroom bungalow that hasn’t been lived in for 4 years. He intends to spend £30k extending and refurbishing the property into a 4 bedroom house, which he and his family will move in to. He has the skill set to do some of the...
Tax Question of the Week – Hotel Deposits

Tax Question of the Week – Hotel Deposits

Q: I have to frequently stay in hotels when I’m on business trips. The hotel takes a deposit at the time of booking with the balance of the cost paid over when the stay takes place. Sometimes my plans, or those of my customers change and I have to cancel the...
Tax Question of the Week – Brexit From a VAT Perspective

Tax Question of the Week – Brexit From a VAT Perspective

Q: I have a small manufacturing business and all of my trade is with the EU.  With Brexit on the horizon, how will this affect the business?   A: Unless all member states agree to an extension, the UK leaves the EU on 30 March 2019. The UK intends to leave the EU...
Tax Question of the Week – Commercial Vehicles & Input Tax

Tax Question of the Week – Commercial Vehicles & Input Tax

Q: I am a landscape gardener and have recently purchased a Nissan Navara double cab vehicle to use for my work. There will be some private use as well as business use. I had thought this might qualify as a commercial vehicle rather than a car, although I am feeling a...

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