Solid Business Blog

Business tips, success stories and more.

Tax Question of the Week: Disposal to Connected Persons.

Q: A client has recently sold an asset, for what he believes to be the market value, to his sister-in-law. A capital loss has arisen and he would like to know how he could use this loss. A: The first thing to be aware of when making a disposal of an asset to a...

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Tax Question of the Week: Directors Overdrawn Loan Accounts

Q.  Several of my limited company clients allow directors/shareholders to overdraw their director loan accounts. What should be considered in this situation? A.  There are a number of tax and company law considerations to bear in mind when a company makes a loan to a...

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Tax Question of the Week: Uniforms

Q. My client has recently enquired about the possibility of claiming relief for the expenses of cleaning of clothing that she wears in her role in nightclub security, having heard that there are flat rate expenses that employees are able to claim. A. Your client is...

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Tax Question of the Week: Training Costs

Q: Is tax relief available for training costs when setting up a new trade in a limited company?   A: Corporation Tax Relief is generally available for officer and employee training costs. Income Tax Relief and National Insurance Relief is also available to officers...

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Tax Question of the Week – Statutory Maternity Pay

Q: We have an employee who is being made redundant and is entitled to Statutory Maternity Pay (SMP). Do we have to continue paying SMP after the redundancy?   A: The simple answer is yes, as for an employee receiving SMP at the time they are made redundant the...

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Tax Question of the Week – Hotel Deposits

Q: I have to frequently stay in hotels when I'm on business trips. The hotel takes a deposit at the time of booking with the balance of the cost paid over when the stay takes place. Sometimes my plans, or those of my customers change and I have to cancel the booking...

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