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Q: I need to register an Estate of a deceased person with HMRC but cannot find any relevant online forms. How do I register? A: The law has not changed but unfortunately, HMRC has continually changed its administration procedures regarding estates. The law (Section 7...read more
Q: My client is a basic rate taxpayer with a small profit on their rental property. They also have employment income that is covered by their personal allowance, in addition, dividends have been voted from their limited company to utilise their basic rate band. On...read more
Q: After careful deliberation, my clients have decided to transfer their main residence to their daughter – partly for tax reasons. Do they have to transfer this at market value? Alternatively, would it be preferable to sell the property, gift the proceeds to the...read more
Q: I understand that the Budget delivered on 29th October proposed some changes regarding Entrepreneurs’ Relief. Can you expand on the proposals, please? Three adjustments to the legislation about Entrepreneurs’ Relief are proposed. The first affects the definition of...read more
My client’s son is a professional poker player and wins around £4,000 a month from playing poker. This is all he does and has no other earnings. Are the winnings taxable if playing poker is his profession? Betting and gambling do not amount to trading and so the...read more
Great news - Solid Ltd is now a Xero silver partner! Xero are developers of a beautiful cloud-based software that makes life easier for small and medium-sized businesses worldwide. We pride ourselves in being experts in Xero, which helps us towards providing a...read more
Q: My Client is working for a Public Sector Body through their own personal service company. They are caught under the Off-Payroll Working Rules and need to have an operation in the near future, will the Fee-Payer be responsible for the payment of any Statutory Sick...read more
Q: My client takes most of their funds from the company via dividends. How much can they and/or the company contribute to their pension? A: When an individual contributes to their pension, they must ensure that the amount they contribute is less than 100% of their...read more
Tax Question of the Week: Can a limited company still claim capital gains indexation allowance post-January 2018?
Q: Can a limited company still claim capital gains indexation allowance post-January 2018? A. As announced by the Autumn Budget 2017 there has been a removal of capital gains indexation allowance for companies from 1 January 2018. However, contrary to belief,...read more
Q. I understand that a small trader may claim a fixed rate per business mile under the simplified expenses rules. This method is an alternative to keeping detailed records of actual expenditure. Can this method be used for letting income where a few residential...read more