Solid Business Blog
Business tips, success stories and more.
TQOTW: CLASS 1 NIC BILL FROM HMRC
My client has had a bill from HMRC for the Class 1 NIC (National Insurance Contributions) under deducted from their employee for the current and last 6 tax years. Can my client recover any of the primary (employee) Class 1 NIC from their employee? A limited recovery...
HR EXPERT: SEPTEMBER FURLOUGH CHANGES
A client is expecting that there will be changes to the Coronavirus Job Retention Scheme come September but is unsure exactly how this will impact their business. What are the changes coming in September, how much will the client be able to claim from the Government...
VQOTW: ENERGY SAVING MATERIALS
My client is an electrician and has a contract to supply and install an electric car charging point and solar panels with a battery to a residential property. What is the liability of each of these supplies?Where scaffolding has been hired for the purpose of...
CORONAVIRUS (COVID-19) SELF-EMPLOYMENT INCOME SUPPORT SCHEME
Self-Employment Income Support Scheme (SEISS) The scheme should be thought of as 2 separate grants available to the self-employed. The 1st grant covers the period March to May 2020 and this is worth 80% of your average monthly trading profits up to a cap of...
HR EXPERT: FURLOUGH FRAUD PENALTIES
A client is worried about the possible implications of furlough fraud. What are the penalties, how can they avoid it, and will they still have to pay out even if they overclaimed in error? The Government has explained that the following actions constitute an...
VQOTW: VAT AND THE EAT OUT TO HELP OUT SCHEME
My client runs a restaurant and will be registering for the Eat Out to Help Out Scheme, where they can claim back the 50% discount offered to customers for supplies made on Mondays to Wednesdays between 3rd August and 31 August 2020. As they are offering a discount to...
VQOTW: LOCKDOWN, TURNOVER AND DEREGISTRATION
My client is a hairdresser and due to the current Covid-19 pandemic situation, her salon has been closed since mid-March. Prior to that she was VAT registered and significantly above the registration threshold. She has asked whether she can deregister from the...
CORONAVIRUS (COVID-19) & FURLOUGHED EMPLOYEES
Coronavirus Job Retention Scheme – (Updated 06/04/2020 @ 14.12pm) HMRC will set up a new online portal so that ALL UK employers this month, regardless of size, will be eligible for assistance where an employee has been designated as a ‘furloughed worker.’ HMRC will...
TQOTW: QUALIFYING INTEREST RELIEF
If I lend money to my property investment company to purchase a rental property, can I claim income tax relief on the interest I pay on the borrowings to do so? ITA 2007 s392 details the circumstances in which an individual may be eligible for income tax relief in...
CORONAVIRUS SSP & COVID-19
I have staff off due to coronavirus (COVID-19), what should I pay and what can I reclaim? We are receiving an extremely high number of calls in regards to paying employees statutory sick pay if they are off work due to coronavirus. We have put together a summary of...
