Glazers March 2009 Newswire

HMRC have announced a reduction in the beneficial loan rate of interest from 6.25% to 4.75% from 1 March 2009.  This is the rate of interest which is used to calculate the value of the benefit provided to directors and employees where they receive a cheap or interest free loan from their employer/company.

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Businesses involved in overseas trade could be in line for a VAT refund windfall on entertaining foreign clients, but time is running out to make backdated claims.

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With the credit crunch claiming an increasing number of companies as its victims, this is a reminder to businesses that they need to be alert to reclaiming VAT paid on bad debts for goods supplied.

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Clients need to be aware of the warning signs that could trigger a tax investigation.

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Marks and Spencer (M&S) won a landmark victory last year in the European Court of Justice (ECJ). The case concerned whether or not HMRC were correct to limit the amount of VAT they repaid to the company after their chocolate teacakes were reclassified as a cake rather than a chocolate biscuit. The issue of cakes and chocolate biscuits is an important one as cakes are zero rated rather than standard rated. The case dates back many years.

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So you have insured your building, your stock, your vehicles. They are all very important assets but what about the individuals who are key to the success of your business? This can be done through a Business Protection policy.

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You can find all our recent tax and business articles by clicking on the following links:

Tax - www.glazers.co.uk/tax_news.htm
Business - www.glazers.co.uk/business_news.htm