Solid Business Blog
Business tips, success stories and more.
VQOTW: CALL-OFF STOCKS
My client sells gym-wear and has been approached by a German VAT registered Amazon trader to supply them with 1000 t-shirts which are to be shipped to a warehouse in Germany – this will be the equivalent of six months’ worth of stock. The customer will take the stock...
VQOTW: INCORRECTLY CHARGED VAT ON TOGC
My client is buying a business and the vendor wants to charge VAT. Is this correct and if so can my client recover this as input tax? If your client is actually buying the assets of the business alone, then yes, it may be correct. It is far more likely, however, that...
TQOTW: DEPENDENT PENSION DRAW DOWN
My client is to benefit from their deceased spouse’s pension scheme and has been advised that, as their spouse died below the age of 75, they have the choice of receiving a tax-free lump sum or to take tax-free withdrawals from a Flexi-access fund. My client has asked...
VQOTW: THE BREXIT DEAL
My client sells goods wholesale from his UK warehouse to EU VAT registered businesses – he has been preparing himself for Brexit, including obtaining an Economic Operator Registration and Identification number (EORI). Now that a deal has been agreed, with a transition...
VQOTW: INPUT TAX ON TOGC
My client is in the process of selling part of his business which comprises exempt residential lets and taxable garden maintenance, design and landscaping services. It has become too much for him so he is selling part of the taxable side of the business – the garden...
TQOTW: LOANS TO EMPLOYEES
Many of my small company clients often have overdrawn director loan accounts. When considering minimising the beneficial loan charge, what interest can be taken into account to reduce or cancel the benefit charge? The employment-related loan legislation is designed to...
TQOTW: TRAINING COSTS
My client is a surgeon who is currently employed by the NHS. During the year, he has attended various training courses to enable him to keep up to date with changes in the profession and gain new qualifications to further his career. Can he deduct the cost of...
TQOTW: DEFERRED STATE PENSION
Anne (aged 66) and Brian (aged 68) are a couple who could have started to draw their state pension a few years ago but they chose instead to keep on running their own trading company and defer taking it. From a look at their records for 2018/19, it’s clear that they...
TQOTW: RESIDENCE NIL RATE BAND
My client has left their main residence to their children through a discretionary trust in their will. If a deed of variation is done within 2 years of the date of death would the residence nil rate band still be available? The residence nil rate band is available to...
TQOTW: ANNUAL INVESTMENT ALLOWANCE (AIA)
My client company has a year-end of 31st May 2019 and throughout the year the company incurred capital expenditure that qualifies for the annual investment allowance (AIA). How do we determine the amount of AIA available and how do we allocate the AIA to the...
