IT on barter transactions

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IT on barter transactions

Postby patrots269 » Sat Apr 17, 2010 9:25 pm

I would like to do the a/cs of a beauty salon and in return get weekly use of the salon. None of us are registered for VAT. My question is would this be allowed and would we have to a/c for income tax.

Hope someone can help
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Re: IT on barter transactions

Postby Bluewednesday » Sun Apr 18, 2010 9:30 am

The transaction has to be accounted for by both parties at a value agreed by them:

http://www.hmrc.gov.uk/MANUALS/bimmanual/BIM33325.htm
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Re: IT on barter transactions

Postby patrots269 » Sun Apr 18, 2010 10:09 am

Thanks again

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