James, Stanley & Co. Limited is part of a group called Accountants Changing the World. Our mission is to change people’s lives for the better through day-to-day tasks in our jobs: reducing clients’ worries or administrative burdens, creating more sustainable businesses, giving a student a career opportunity or donating to charity.
Did you know that in certain circumstances sole traders and partnerships can save money on tax by incorporating their business?
In a recession clients often look to make cost savings and one area they look to reduce spending is cancelling non-essential insurance or savings policies. Careful thought and professional advice should be taken before making the decision to cancel a policy.
For many years the standard rate of VAT has been applicable to hot takeaway food. Problems have arisen over the interpretation of whether the food which is sold is indeed hot and therefore subject to VAT.
The legislation clarified this point by stating that if the food was sold with the intention of being eaten as ‘hot’ then standard rate VAT was applicable. If however the food was simply being kept warm to make it appear more attractive or to smell better, then sales of such items could be zero rated. Obviously this left scope for retailers to interprete the legislation to their favour.
