Solid Business Blog
Business tips, success stories and more.
VQOTW: PRICE REDUCTIONS AND CREDIT NOTES
My client invoiced for a supply of project management services but the project proved less complex and time-consuming than expected. As a result, as this is likely to be a regular client, he is going to agree that the price should be reduced, and a partial refund...
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Studio Roso Testimonial
Studio Roso is a creative studio specialising in permanent large scale artworks, light installations and chandeliers for client across the world.All work is commission based and we work together with clients and client teams to enhance and create feature artworks. For...
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VQOTW: EXCEPTION FROM REGISTRATION
My client has been trading as a contract cleaning company since July 2018. The company breached the VAT registration limit early this month, September 2019, under the “backward” rolling 12 month rule. However, the director has been experiencing ill health and is...
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TQOTW: LLP SELF ASSESSMENT TAX RETURN
I have a new LLP client which was incorporated on 18th October 2018 whose first trading accounts will be prepared to 31st October 2019. Having registered the LLP and its members (all individuals) under self-assessment, I am preparing the 2018/19 LLP Tax return but am...
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VQOTW: FINANCIAL INTERMEDIARIES
My client is an independent mortgage advisor, who is not VAT registered. Her turnover is above £85,000 and all of her income is either commission, which is paid by UK lenders, and flat fees received from customers seeking a mortgage. In the last 12 months, £75,000 of...
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VQOTW: RENOVATION OF AN EMPTY DWELLING
My client recently purchased an empty 3 bedroom bungalow that hasn’t been lived in for 4 years. He intends to spend £30k extending and refurbishing the property into a 4 bedroom house, which he and his family will move in to. He has the skill set to do some of the...
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TQOTW: HP CONTRACT & CAPITAL ALLOWANCES
My client bought a commercial vehicle under an HP agreement but has not made the final payment and so did not acquire ownership of the vehicle. AIA has already been claimed from the outset. How is this dealt with for capital allowances purposes? The normal assumption...
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TQOTW: EU FIFTH MONEY LAUNDERING DIRECTIVE
What is the Fifth EU Money Laundering Directive and how will this impact my clients? The Fifth EU Money Laundering Directive (5MLD) is to be implemented by January 2020 into UK law. Although the UK has committed to leaving the EU it still intends to implement the...
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TQOTW: SDLT HIGHER RATES TRANSACTION
My clients, a married couple, own a property that is their main residence and are entering into a transaction to purchase two dwellings that are next to each other, one of which will be their new main residence. They have been advised they will have to pay the...
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TQOTW: SHARE REDUCTION
My client originally subscribed for 50,000 £1 shares when he set up his company. He now feels that the company is over capitalised and would like to return some of the share capital back to himself. He wonders whether the company could enter into a share buy-back or...
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