Solid Business Blog
Business tips, success stories and more.
Tax Question of the Week – Flat Rate Scheme Changes To The Balance Of Your Business
Q: I joined the Flat Rate scheme on 1st January 2016. I am a sole trader carpenter and have a flat rate of 14.5%, but also run a small DIY shop part time. The shop was previously only open four days per week but the business has expanded, and from March 2018 the shop...
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Tax Question of the Week – Late Filing Penalties for 2017 Self-Assessment
Q: I could not complete my 2016/17 self-assessment tax return on time. I am concerned about the consequences of this and want to know what the implications are? A:Where a 2016/17 self-assessment tax return has not been filed by 31 January 2018, you will already have...
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Tax Question of the Week – Catering businesses and the VAT inspection
Q: Is it true that HMRC have a Task Force actively looking into restaurants, cafés, take-aways and similar businesses. What, if any, potential issues do I need to be aware of? A: HMRC do have Task Forces across the UK targeting cash businesses, and in particular...
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Tax Question of the Week – VAT Reliefs For Disabled Persons
Q: I am a general builder and have been asked to build an extension to provide practical living accommodation for a customer’s disabled son. The extension will include a flexible living and sleeping space and a shower room. There will also be a hoist in the sleeping...
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Tax Question of the Week – VAT Registration – A Fresh Start?
Q: I am currently trading as a partnership and exceeded the VAT registration limit in March 2018, requiring us to be VAT registered with effect from 1 May. However, we are considering incorporating from the beginning of the tax year (6 April 2018) and running the...
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Tax Question of the Week – Transfer Of Property Income To Spouse
Q: Can I assign the income from my investment property to my spouse so it is taxed at a lower rate? A: Due to the abundance of legislation that applies to land transactions and gifts, various tax implications are of concern. Where only an income stream is...
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Tax Question of the Week – Sale Of Trading Premises
Q: I own a limited company which purchased a new commercial property in November 2008 for £500,000 + VAT. We have occupied the property since then for its fully taxable trading activity and recovered the VAT charged on its 08/09 return. We did not opt to tax and no...
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Tax Question of the Week – Zero-rated Exports
Q: I own a UK VAT-registered company that sells gym equipment and have made a sale to another UK VAT-registered business. However, the customer has requested to ship the goods directly to their customer based in Switzerland. Can I zero-rate this sale as we are...
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Tax Question of the Week – Exception From VAT Registration
Q: I have just finished a large one-off contract, and while this combined with my other work has taken me over the registration limit, my normal level of sales is well below. Do I have to register if I have reached the threshold but expect the value of my taxable...
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Tax Question of the Week – Trading Allowance
Q: I have been reading about a tax exemption called the trading allowance. What is this and how does it work? For example is the new trading allowance of £1,000 in relation to gross receipts or the profit amount? A: Finance Act (No. 2) 2017 introduced £1,000...
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