Financial food

My client trades through a limited company dealing with large information technology contracts. He tells me that he has recently created a website for the owner of a local delicatessen for which he was paid partly in cash and partly in food. How should this be dealt with?

Presumably the cash element should be declared but would this be in the company or personally and how should the food be treated; is this a 'profit or gain'? He and his family have obviously had the benefit of it but whether he could legally sell this to a third party especially as a lot is fresh food is questionable.

Readers' advice is welcome.

Query T17 109 – Grub.

Reply by The Finchley Trader:

There is no specific statutory or case law guidance so we need to apply first principles. First has...