A company is using a Santander 'Business Banking Cash Back Card' and receiving a couple of hundred pounds per month as a 'Cashback awarded' based on 1% of the previous months spend:
'A purchase is a purchase of goods or services using the Credit Card or Credit Card Number, or where the amount of the purchase is debited directly to the Credit Card account'.
I assume that is 'other income' for accounting purposes subject to CT - correct?
Can anyone advise of the VAT status of the amount received?
Thanks in advance.