Solid Business Blog

Business tips, success stories and more.
TQOTW: QUALIFYING INTEREST RELIEF

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...

read more
CORONAVIRUS SSP & COVID-19

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...

read more
TQOTW: CHARITABLE TRUST

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...

read more
VQOTW: CALL-OFF STOCKS

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...

read more
VQOTW: INCORRECTLY CHARGED VAT ON TOGC

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...

read more
TQOTW: DEPENDENT PENSION DRAW DOWN

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...

read more
VQOTW: THE BREXIT DEAL

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...

read more
VQOTW: INPUT TAX ON TOGC

VQOTW: INPUT TAX ON TOGC

My client is in the process of selling part of his business which comprises exempt residential lets and taxable garden maintenance, design and landscaping services. It has become too much for him so he is selling part of the taxable side of the business – the garden...

read more
TQOTW: LOANS TO EMPLOYEES

TQOTW: LOANS TO EMPLOYEES

Many of my small company clients often have overdrawn director loan accounts. When considering minimising the beneficial loan charge, what interest can be taken into account to reduce or cancel the benefit charge? The employment-related loan legislation is designed to...

read more
TQOTW: TRAINING COSTS

TQOTW: TRAINING COSTS

My client is a surgeon who is currently employed by the NHS. During the year, he has attended various training courses to enable him to keep up to date with changes in the profession and gain new qualifications to further his career. Can he deduct the cost of...

read more
April 2020
M T W T F S S
« Mar    
 12345
6789101112
13141516171819
20212223242526
27282930  

Pin It on Pinterest

Share This