News
We keep you updated
We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Miles Waterman Accountants.
Manfred Bog Case ruling to ZERO RATE hotfood takeaways? An ECJ ruling has potentially paved the way for all Hotfood takeaways including Fish and Chips shops to apply to have Hot Food Takeaway Zero rated.
Manfred Bog won the case in Germany. The potential of this case states that simple hot food with little preparation should be zero rated, whilst more complex food which needs more preparation will be vatable.
On 10th March 2011 a european ruling decided in favour of a german sausage seller on a mobile stand to charge reduced rate VAT, as the service element of the transaction was not predominant and was a supply of foodstuffs with the intention of being consumed immediately offsite.
There are sure to be mass claims to HMRC for retrospective claims of VAT for the last 4 years. It will be interesting how HMRC handle this.
New Taskforce to Target Restaurants
Restaurants beware HMRC announced on 12th May 2011 that they have set up industry specific taskforces to target for enquiries and Restaurants will be the first to be hit. Download our latest report on Restaurants being targeted
Restaurants a HMRC Target
Restaurants will be the first targets for HMRC new industry specific task force. They start with London. Restaurants Targeted
HMRC Target Fish and Chips Shops
HMRC have targeted Fish and Chips shops for enquiry this year.
It is advisable to keep your house in order when it comes to record keeping.
The main things that inspectors look for in an enquiry are;
- Gross Profit Margin
- Keeping Till Rolls and Z readings
- Keeping record of any drawings taken from the business
- keep invoices for all purchase whether cash or cheque
- Record of any changes in events, such as football matches, adverse weather, power cuts etc...
January Note:
Is Your Bookkeeping Up To Scratch?
New Taskforce now chase restaurants
New online access
We provide up to date bulletins from time to time direct to your email. Register for some free advice, this is tailor made to be relevant to the fish and chips industry.
