Solid Business Blog

My client is in the process of selling their main residence and has asked me if there would be any capital gains tax to pay on disposal. The property, located in Manchester, was acquired in March 2010 and my client lived there until March 2016 – they had taken a job...

I have a client that has taxable income for the tax year ended 5th April 2021 of £230,000 of which rental income is around £23,000 and attracts relief for the mortgage interest payments. Their employer has made £15,000 contribution and they have also made personal...

What penalties will I be charged if I am late submitting forms P11D and P11D(b)? Penalties for late forms P11D  If forms P11D Expenses and Benefits are not received by HMRC by 6 July after the end of the tax year, penalties for late forms P11D can be charged....

Our practice is getting an increasing number of queries from clients who have bought electric cars which will be used for both business and private purposes. Please could you clarify how to treat input tax recovery on the charging costs for my clients? A supply of...

My client is a company whose trade is manufacturing kitchens and retailing kitchen appliances. The company no longer needs its original site where the business began in the 1980s and the directors are considering giving it to a charity which they know is looking for...

Two companies owned by my client have an intercompany loan which has become partially unrecoverable due to a fall in value of the underlying investment property.  Both the loan and the investment property use fair value accounting under FRS102. For tax purposes,...

A client of a partnership has decided that a service provided by one of the partners is within IR35 and would therefore be subject to deductions for tax and national insurance via the client PAYE. They have advised the partnership they can no longer maintain the...

A couple both work for the same employer and are getting married.  The employer wishes to give them a wedding gift totalling around £300. How can this be reported to HMRC so there is no tax charge on the gift to either employee? There are several methods for benefits...

I have a sole trader client that has a loss-making company and qualifies for incorporation relief under TCGA 1992 S162. What happens to the losses on incorporation?  Under ITA 2007 S86 it may be possible that losses arising before the transfer may continue after...