Charity sponsorship payments are different from donations because your company gets something related to your business in return. Typically, your business brand would be promoted by the charity in some way. You can deduct sponsorship payments from your business profits before you pay tax by…
Year: 2021
Business entertaining and tax relief
Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment. The meaning of ‘incidental’ is not defined by HMRC but should be interpreted to mean any expenditure that…
VAT - Second-hand cars - using the Margin Scheme
If you sell second-hand vehicles and you were not charged VAT when you purchased the vehicle, using the Margin Scheme will save you money. If you did not use the VAT Margin Scheme, you would have to account for VAT on the full selling price…
The furlough cliff edge
Unless government has a change of heart the present furlough scheme will close 30 September 2021. Businesses that have depended on this grant to hold teams together will – from 1 October – need to decide if business activity has increased sufficiently to maintain their…