Check which EORI number is required
The Economic Operators’ Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses communicate with customs officials when they are importing and exporting goods. The EORI allows businesses to provide pre-arrival/pre-departure information for goods.
Following the end of the Brexit transition period, businesses in the UK are still required to hold an EORI number for the movement of goods in the following scenarios:
between Great
Accountancy expenses arising out of an enquiry
HMRC’s internal manual offer some revealing insights as to the treatment of accountancy expenses arising out of an enquiry. As a matter of course, HMRC allows companies to claim a tax deduction for normal accountancy expenses incurred in preparing accounts or accounts information and in assisting with preparing Self-Assessment tax returns.
In respect of accountancy expenses arising out of an enquiry HMRC’s manuals state the following:
Additional accountancy expenses arising out of an enquiry
PAYE settlement agreements
A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for their employees.
The expenses or benefits included in a PSA must belong to one of the following categories;
minor – e.g., a small birthday present
irregular – e.g., one-off relocation expenses over £8,000 (these are tax-free below £8,000)
impracticable (difficult to work out the value of or divide up between
Tell HMRC if your company is dormant
If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation Tax purposes.
A company is usually dormant for Corporation Tax if it:
has stopped trading and has no other income, for example investments
is a new limited company that hasn’t started trading
is an unincorporated association or club owing less than £100 Corporation Tax
is a flat management company.
There is a special online form that can be used to advise HMRC if a
Reclaiming VAT
For most fully taxable businesses, VAT can be reclaimed on goods and services used in the course and furtherance of their business activities. This means that businesses must consider where there is personal or private use of goods or services bought for the business and can usually only reclaim the business proportion of any VAT charged.
For example, VAT is recoverable on all the costs of mobile phones provided to employees where no personal use is allowed. Where businesses allow private calls