Business Entertaining – VAT & Corporation Tax

Business Entertaining - What can you claim for?

Over the festive period, most businesses will have enjoyed some time out with their employees at Christmas parties. Often, such events can also involve entertaining customers and suppliers. However, there can be some confusion when it comes to claiming VAT and Corporation Tax (CT) relief on business entertaining.

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2019 – The Year in Review

Charnwood Accountants - Review of the Year 2019

And in the blink of an eye, another year has gone and somehow, we’re in 2020! 20 years since we ushered in the start of a new Millennium and 16 years since Charnwood Accountants was launched.

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VAT Changes to PCP Contracts for leasing

In summary, the correct treatment of Personal Contract Purchases (PCP) and similar contracts depends upon the level of the final optional payment. If, at the start of the contract, it is set at a level where that final payment would be greater than the market value, it is classed as a supply of a service. VAT is therefore accounted for on the full value of each instalment.

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Delegation and Time Management

Delegation with the Work Place

The key to any successful practice is to find a balance between working on the business and in the business. If you want to grow your practice, effective time management is crucial. However, when we speak to the partners of the firms we work with, they tell us they simply don’t have enough time to deal with the development side of the business.

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Brexit and VAT MOSS (Mini One Stop Shop) Scheme

Despite the further delay to Brexit, B2C suppliers of electronically supplied digital services still need to be aware of rules relating to the VAT MOSS (Mini One Stop Shop) scheme. As it currently stands, if we leave the EU on 31stJanuary without a deal, HMRC’s advice is that UK businesses will no longer be able to use the UK’s VAT MOSS service to declare the sale of digital services.

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Debt Recovery and Cash Flow Management

As well as winning new business, cash flow should be the top priority for solicitors. Effective cash flow management is the foundation of any successful practice. As they say, “cash is king” and never has this been more relevant than in today’s volatile economic climate.

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Marginal Gains – Make The Difference

An idea brought to prominence by Sir David Brailsford, Team Sky and British Cycling. This attention to small details can have a significant impact on all aspects of sport, business and life generally. 

Here are a few ideas, from our experience, that can help you get started on creating those marginal gains:

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A Day in the Life of the Admin Team

What is Admin? Well that is a very good question, it is a variety of things – some expected, some unexpected – but administration is a key function of all businesses. With all the best will in the world your day is often not as you expect it to be when you first arrive at your desk, open the blinds and settle down with a nice cup of coffee, but this could not be more true than for our Admin Team. The best asset you can have in your Admin Team is flexibility. Here at Charnwood Accountants our Admin Team don’t dictate what the day will bring, but we give every task our best with a “can do” attitude and a smile.

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