44 hospitality Win an overnight stay at Phyllis Court
To win an overnight stay in one of Phyllis Court's deluxe bedrooms with dinner for two with wine, answer the following questions and send your answers by email, post or fax to Shirley Cunningham; details on right
What is the special daily delegate rate offered at the moment?
What is the special celebration package price?
And what does the celebration package include?
The closing date for entries will be August 31. The winner will be picked at random from all the correct entries received and the judges' decision will be final.
Details:
Shirley Cunningham Sales & Marketing Manager Phyllis Court Club Marlow Road Henley-on-Thames Oxfordshire RG9 2HT
Shirley.Cunningham@
phylliscourt.com Fax: 01491-570528
www.phylliscourt.com 01491-570511 07801-215594
HMRC decision on entertaining expenses wins gold for businesses hosting Olympics corporate hospitality
With the Olympics nearly upon us, many businesses will be taking advantage of the opportunities available to entertain existing and prospective clients without the overheads of becoming an official sponsor. Businesses are finding ways to benefit from the games by hosting clients at restaurants overlooking a large course, stretching beyond venue or stadium restrictions, such as cycling, sailing or marathon events.
The HMRC’s change of position on claiming input tax for entertaining expenses is good news for budget holders this summer as UK businesses hosting corporate hospitality events stand to benefit.
Companies will now be able to claim the input tax incurred when entertaining overseas customers, increasing the cumulative amount of tax that can be subtracted from their final VAT bill. The ruling follows
www.businessmag.co.uk
the high-profile Danfoss and Astra Zeneca business expenses case in the European Court of Justice, and applies primarily to business lunches and refreshments.
“With tickets for the Olympics proving hard to come by, it is likely that businesses offering entertainment connected to the games will receive a positive uptake, making corporate hospitality a more appealing option to woo, win and influence,” comments Owen Kyffin, tax partner, Whitley Stimpson.
“HMRC’s decision on entertaining expenses is good news for British businesses which is good news for this summer. The change in input tax law allows companies to recover a proportion of the cost associated with entertaining overseas customers, which can often be significant. Business owners should take particular care to ensure that
they benefit from the new ruling by providing the requisite evidence to support their input tax claims.”
Companies have waited with anticipation to understand the implications of the new ruling since HMRC officials first concluded that the UK’s 24-year block on recovering entertaining expenses relating to overseas clients was inconsistent with EU law. In order to qualify, businesses will be required to supply details of their overseas customers, clarify the type of expenditure and provide evidence that the VAT incurred has not previously been deducted.
Recovering input tax on entertaining expenses will be permitted in two specific scenarios: provision of refreshments for on-site meetings, where entertaining facilitates the efficient running of a meeting, and purchase of basic refreshments for external meetings or events.
Excessive expenditure or corporate hospitality days are not deemed to have a strict business purpose and therefore input tax deduction for entertaining expenses of this nature will not be accepted.
“As with the majority of business tax matters, gaining a full comprehension of the precise conditions of new legislation is paramount in terms of ensuring that business owners achieve the maximum benefit,” concludes Owen. “Understanding what is and isn’t permitted allows companies to navigate complex tax recovery claims more efficiently.”
For further information or to book an appointment with one of Whitley Stimpson’s tax specialists see details below.
Details:
www.whitleystimpson.co.uk 01295-270200
THE BUSINESS MAGAZINE – THAMES VALLEY – JULY/AUGUST 2012
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