Solid Business Blog
Business tips, success stories and more.
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...
TQOTW: CHARITABLE TRUST
The trustees of a charitable trust have advised me that they want to encash an investment bond they hold with an insurance company and have asked me to confirm that no tax is payable. Are they correct? If the investment bond is a UK policy then yes, no additional tax...
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...
