Despite the fact that the “blogster in chief” has now returned from her jaunt round the Med (courtesy of some Cossacks?) I have been asked (told) to do another one, mainly because I didn’t do the one I was supposed to do last time!
Anyway one of the latest things to interest HMRC is apparently the question of barter transactions, you know the sort of thing “you do my website and I’ll do your plumbing repair”. Sounds like Old Dog Tom, one of the books my younger brother learnt to read with. Trouble is this sort of transaction rarely if ever appears in the business records. Whilst on the face of it you might say “so what?”, there are tax implications.
For instance there are VAT issues where one party to the barter isn’t VAT registered or like the above example one part of the barter is of a non business nature.
Quite how much VAT and other taxes are unpaid because of barter transactions is hard to say and it does seem to smack, yet again, of HMRC attacking the small businessman or perhaps it was just a particularly quiet day at HMRC Towers (maybe the phones were off the hook!). Having said that HMRC are right and these transactions should be properly recorded. You have been warned.
Going back to my previous blog it was good to see that the Chancellor took note of my thoughts on his NI increase although I suspect the increases will re-appear once the election is over and he hasn’t got to worry about Dave’s previous manifesto promises.
Whilst a general election and the wall to wall news coverage that it entails is not always the most welcome of things it has had one beneficial result and that is a potential one year delay in the implementation of “Making Tax Digital” . Whilst I am aware of how much everyone was looking forward to having to keep digital bookkeeping records and submitting information to HMRC four times a year (as if once a year isn’t enough for us) this delay might, if we are lucky, give time for HMRC to make sure that when it is finally implemented it actually works.
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