Content
Pot and kettle
No more stealth
Pensions hit
A place in the sun
Ready or not...
Nice motor
Making allowances
Good times, bad times
Tax-free checkup
Three square meals
Funny question
Dividend rules OK?
Too good to be true?
Pay my friend
Early EIS
Mind the halfpennies
Just the ticket
Flat rate changes
Foreign Service
This year, next year
Partial exemption
Penalties
Compliance checks
Under their eye
Howzat?
Know your rights
Discipline
Don't be mean
Redundancy
Two sorts of absence
Warranties
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If you took an advance payment before 1 December 2008 and delivered the goods afterwards, you would have charged 17.5% VAT but you were allowed to refund 2.5% to the customer and adjust your VAT account. What if you sold a ticket before December for an event that happened afterwards? Football clubs and season tickets - concert promoters and events - a lot of people thought they could make refunds to reflect the drop in VAT. Not so, according to HM Revenue & Customs. Strangely, they think that the sale of the ticket is the whole of the deal - it doesn't matter when the event takes place. So if you sold a ticket in November and charged 17.5% VAT, that was correct and can't be changed. They announced in January that they wouldn't argue with anyone who had refunded the difference up to the date of their announcement, because they accepted that the rule was not clear. Since 21 January everyone is supposed to know it. There must be a lot of money at stake and it seems bizarre - but there is no sign yet of anyone arguing it in court. We're going to have to deal with another change of rate on 1 January 2010 - we can help you understand the rules and possibilities when that happens.  |