Autumn 2009 Newsletter Contents Tin Hats Required Trust In Money Beat The Hike Expenses A - Z On The Job Training Pay In Lieu Pension Pot Opportunity Knocks ISAy ISAy ISAy Fair Exchange? Scrappage The Value Of IR35 Loss And Profit End Of The Holidays Da Vinci Or PAYE? Last Orders Foreign Peril Quadruple Entry It's A Date All Change Good Health! O Lucky Man! Be Prepared An Inspector Calls SA Or Not SA? Now You're Asking I Only Work Here You Want It When? Dirty Laundry? No Smoke Without Fire Corporate Manslaughter

Quadruple Entry A trader recently registered for VAT and did his own returns. He reasoned that his costs would go in a 12 month period of account for income tax, so he put the VAT on a big purchase - £6,902 - on all four VAT returns in his first 12 months. HMRC decided to investigate the same figure apparently being claimed four times. Surprisingly, he appealed to the Tribunal, arguing that this was how VAT ought to be done. He found that this was a minority opinion. People don't often get VAT accounting this wrong, but it is a reminder that HMRC expect hairdressers, newsagents, decorators and taxi drivers to account correctly for VAT, as well as lawyers and accountants. If you are not sure how to do it, we can help.