Solid Business Blog
Business tips, success stories and more.
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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Tax Question of the Week – Uniforms
Q: Am I correct about the possibility of claiming relief for the expenses of cleaning of clothing that I wear in my role in nightclub security? I have heard that there are flat rate expenses that employees are able to claim. A: You are correct in that HMRC have...
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Tax Question of the Week – Brexit From a VAT Perspective
Q: I have a small manufacturing business and all of my trade is with the EU. With Brexit on the horizon, how will this affect the business? A: Unless all member states agree to an extension, the UK leaves the EU on 30 March 2019. The UK intends to leave the EU...
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Tax Question of the Week – Class 4 NIC Changes
Q: I understand that Class 2 NIC is finally being abolished from 6 April 2019. This means that self-employed with losses or low profits who want to protect their state pension contribution record will have to pay Class 3 contributions which are considerably more...
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Tax Question of the Week – Directors Overdrawn Loan Accounts
Q: Many limited companies 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 director. The...
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Tax Question of the Week – Commercial Vehicles & Input Tax
Q: I am a landscape gardener and have recently purchased a Nissan Navara double cab vehicle to use for my work. There will be some private use as well as business use. I had thought this might qualify as a commercial vehicle rather than a car, although I am feeling a...
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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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