HMRC have published a new information sheet on Lennartz accounting – a special method of accounting for VAT on assets which have mixed business and private use. It can be downloaded from HMRCs www site. For most businesses this is not something you need to worry about, but if an asset such as a plane, boat or similar is bought with mixed business and personal use intentions, these rules can come into play.
Register for our Newsletter
Latest News
- Autumn Statement 2023 – Understanding Cash Basis Accounting Changes
- Autumn Statement 2023 – have the Pros and Cons of Incorporation Changed?
- Autumn Statement 2023 – A first look
- Small business owners losing sleep over money worries – ACCA
- Practical issues relating to dividend distributions
- Online traders face VAT avoidance clampdown
- Increased fines for failure to check right to work in UK
- Employees who are charged with criminal offences
- Company registry scam letter alert
- Four reasons to file tax returns early