Hi there, I have received 33p loyalty reward from Barclays into my business account. I would think that this is VAT exempt, has anyone any other suggestions?
On their leaflet, they conveniently say 'We are not accounting or tax advisers and we do not provide accounting or tax advice'.
Thanks!
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33p!
No one will care
I know, I know. I've started a new business, so just want to make sure I'm getting things right from the outset.
I appreciate it is a very small amount and any comments that can help me!
What service did you sell?
Nothing, I simply got it because I am paying Barclays for their business account.
Why would it have vat? Your asking the wrong question. The question should be. Is it TAXABLE
It's a repayment of a proportion of the charges applied to your account and is therefore exempt, in the same way as the charges.
Thank you, very much appreciated!
I wish Barclays would stop this and simply knock it off the charges. So much time must be wasted accounting for these silly little amounts.
Yes, very annoying! I've set up the rule now, so shouldn't be too much bother going forward! Thanks!
If you carry on asking questions like this you are most likely to be at the receiving end of a tirade of abuse and or sarcasm
What you mean us that, in this forum, if the number you cite is small, you get mocked; put a large number and you're told you can afford to pay for advice; put no number and you're told information is missing.
I thought this time the answers had managed to avoid doing that, by and large.
Exactly! As a young accountant, the information on here is invaluable. As it's for my own business now (rather than audits I was doing before), I need a little more support and want everything to be correct. I really appreciate your help!
Maybe I will pick bigger (but not too big) numbers next time haha!
If you carry on asking questions like this you are most likely to be at the receiving end of a tirade of abuse and or sarcasm