Solid Business Blog

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Tax Question Of The Week: RESIDENTIAL NIL RATE BAND

If I leave my main residence to a discretionary trust on my death for the benefit of my children, will I still benefit from the residential nil rate band? To benefit from the residence nil rate band you must leave your main residence to a direct descendant. For the...

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Tax Question Of The Week: AMORTISATION RELIEF

I have heard that we can now get corporation tax relief for the amortisation of goodwill, is this true? Amortisation relief in respect of intangible assets appears to have experienced a bit of a rollercoaster ride throughout the various legislative amendments in...

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Tax Question Of The Week: UNLAWFUL DIVIDENDS

My corporate client has paid interim dividends but did not have sufficient distributable reserves. What are the tax implications? To correctly tax the amounts paid we must first consult company law and correctly account for the amounts paid. Distributions made in...

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Tax Question Of The Week: CGT PPR CHANGES

I can recall that in the course of the 2018 Budget, changes were announced about the rules for some of the ancillary reliefs on disposals of private residences. I can see no new Legislation on these points. What is the current position please? You will be referring to...

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Tax Question Of The Week: IRRECOVERABLE LOANS

My client has made a directors loan to his personal company (he is the majority shareholder) which now cannot be repaid. Is there a loss for CGT and if so, is it a ‘clogged loss?’ There are a number of issues to be determined in this situation: Is there an allowable...

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TQOTW: NEW PAYSLIP LEGISLATION

My client has asked me about the new legislation regarding payslips that comes into effect in April 2019. Can you shed some light on this? From 6th April 2019 new legislation around providing payslips comes into effect, under which: All employers will be required to...

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Tax Question Of The Week: A VALID NOTICE OF ENQUIRY?

A client is being chased by HMRC in relation to an enquiry that may not be valid. The client moved house and changed tax advisers but HMRC sent a notice of enquiry to both the client’s old address and to the previous tax adviser. Is there a possibility that the...

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TQOTW: SELF-ASSESSMENT PENALTIES

Now that the self-assessment filing date of 31 January has passed once again, I would like to be able to understand and explain to clients the penalty regime that will apply if their returns have not been filed on time. Based on recent years HMRC will potentially...

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