HAMILTON MORRIS WAUGH'S TAX TIPS AND NEWS FOR MAY

Small Firms Loan Guarantee Scheme, When is Lunch Tax Deductible? ... What Needs to be on a VAT invoice?

Small Firms Loan Guarantee Scheme

As a small business you may face a dilemma; you are forced to limit the scale of your operations because you cannot get loan capital, but the bank will not provide further funds as you have no significant assets to provide as security. The Small Firms Loan Guarantee Scheme could provide a partial solution.

When is Lunch Tax Deductible?

Free or subsidised meals provided to staff in a works canteen are tax and NI free as long as the meals are available to all staff. The company does not necessarily have to have its own canteen, but the food must normally be provided on the business premises. The local public house cannot be designated as a staff canteen just for Friday lunchtime. If some company sites have a canteen but others do not, the subsidised food will still be tax-free as long as any employee can eat in the canteen if they happen to be on site. Read More

What Needs to be on a VAT invoice?

You must have a valid VAT invoice in order to reclaim VAT charged on the goods or services you purchase. When dealing with a new supplier check that their invoice includes all of the following details... Read More