Accounting for Cryptocurrencies
Whether they confuse, scare, or excite you, most people have heard about cryptocurrencies in recent years. Elon Musk has been tweeting about them, El Salvador has officially adopted Bitcoin as legal tender, and corporates are beginning to accept and hold various cryptocurrencies. As there is wider adoption, more businesses will end up acquiring these digital assets which raises the question on how to account for them.
Understanding 'Pension Freedoms'
Pension Freedoms was introduced in April 2015 and significantly changed the landscape of pensions and retirement. Ever since its introduction, there remains some misconceptions about what this really means, and the practical implications it has for individuals.
B2C place of supply of digital services
An ongoing area of risk for both VAT registered and Non-VAT registered businesses is the place of supply of their services, as there are many small differences which can catch suppliers out. For VAT purposes, the place of supply is generally where a business is liable to charge VAT.
What is Inheritance Tax?
Many of us could be caught out by Inheritance Tax (IHT). Contrary to popular belief, you do not need to be mega-rich to owe HMRC a chunk of money when you die. I think most of us would prefer as much as possible to go to our loved ones, rather than HMRC.
Royal Opera House VAT alert
A recent Court of Appeal case concerning the Royal Opera House Foundation has decided that that there was no direct and immediate link between the costs of staging productions and their taxable supplies of catering etc. The production costs were found to be ‘directly and immediately linked’ to ticket sales which are exempt from VAT due to the cultural exemption rules and the VAT costs incurred on them as a consequence was irrecoverable.
What is pension tax relief?
Pension tax relief can seem like an alien concept, but it pays to understand what it is and how you can make the most of it, up to certain limits.
VAT on the sale and leaseback of care homes
The Supreme Court’s recent decision in Balhousie Holdings [Balhousie Holdings Ltd v HMRC [2021] UKSC 11] indicates that care home operators (and other entities such as charities and universities) may be able to use sell and lease back arrangements to finance the construction of new buildings without incurring a significant VAT penalty.
Updated VAT Alert – Welfare services
A recent Court of Appeal case has decided against two organisations that provided day care services.