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Many travel companies have been contacted over the last few months by a special HMRC unit about the correct VAT treatment.
Whilst the position for principals is undisputed (HMRC has always considered that any charges were part of the price for ...
My colleague Damon Wright, Director of VAT Services at MHA MacIntyre Hudson, has written the below article addressing this question:
With reducing margins and commissions, travel companies have been generating revenue, or at least c...
The Department for Business, Innovation and Skills (BIS) and the Financial Reporting Council (FRC) have recently released proposals for a simplified reporting regime for the smallest businesses. Plans to exempt micros from the accounting requ...
http://www.ion.icaew.com/TaxFaculty/22823
Guidance from the Tax Faculty and a helpsheet from HMRC.
The rules have changed for 2011/12 and will change again for 2012/13 and following years.
With a large hole in the public finances it is not perhaps surprising that the Revenue & Customs (HMRC) are actively seeking ways to target additional VAT revenue from UK based travel businesses, particularly as the Med Hotels case from 2010 has...
Reflection on the budget impact on the leisure and hospitality sector
Although the Budget is widely regarded as being “business friendly” particularly because of headline grabbing measures such as the reduction in corporation tax rates and...
I have seen one or two references to the impact IFRS 17 will have on our industry; Starwood has dissolved its partnership with Arabella apparently on the back of the changed reporting obligations; Accor is restructuring in part in anticipation.
Furnished Holiday Lettings
A consultation document has been published and comments are required by 22 October with a view to legislation being introduced in Finance Bill 2011.
The proposals are designed to ensure t...