Solid Business Blog
Business tips, success stories and more.
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...
read more
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...
read more
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...
read more
TQOTW: BARE TRUST
I am looking at gifting my child a sum of money. What are the income tax consequences if I use a bare trust to do so? There is no definition of a bare trust in the income tax legislation. Put simply, a bare trust is one where the beneficiary has the absolute right to...
read more
Tax Question Of The Week: TQOTW: SDLT RE HOME
Q: My client and his wife own a house in Devon and a flat in London. My client stays at the London flat for three/four nights only in working weeks but they made a PPR election nominating the London flat when they purchased it. The Devon property is my client’s family...
read more
Tax Question Of The Week: LOAN CHARGE REPORTING
Q: My client has arranged for their company to process the ‘loan charge’ in relation to all of their outstanding loans from an EFRBS scheme, as well as paid the company the tax and employee NIC (to avoid the benefit in kind). Does this mean everything is resolved now,...
read more
Tax Question Of The Week: P11D’S & PAYROLLING BENEFITS
With the 2018/19 P11D deadline looming, should I be considering payrolling benefits in future? What is the advantage? What do I need to do and when? If you’re an employer you need to submit an end-of-year report to HMRC for each employee you’ve provided with benefits...
read more
Tax Question Of The Week: ENTREPRENEURS RELIEF FOR NEW INCORPORATIONS
I understand that Entrepreneurs Relief is now given for new incorporations so that, on incorporation, an existing sole trader would immediately meet the qualifying conditions even though they would not have owned shares in a qualifying company for a sufficient period....
read more
Tax Question Of The Week: BIK ON LIFE POLICY WITH CRITICAL ILLNESS
My employer has heard of a new combined life policy which also covers critical illnesses and claims that there is no taxable benefit on the premiums. Is this correct? Yes, possibly – but it depends upon the precise terms of the policy. Several policies claiming to...
read more
Tax Question Of The Week: PENSION DEDUCTIONS
We have received many queries from payroll departments on how to process refunds of pension contributions when auto-enrolment and opting out span a tax year. There is also some confusion about relief at source and net pay pension schemes so we hope this article helps...
read more