Solid Business Blog

Business tips, success stories and more.

Tax Question Of The Week: ULTRA-LOW EMISSION VEHICLES

How do the new company car tax bands favour ultra-low emission vehicles (ULEVs)? Starting from tax year 2020/21, changes will be made to company car tax benefit-in-kind bands. These were first put forward in 2016 and finally confirmed in autumn 2017. The changes...

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Tax Question of the Week: Property Swap.

Jack and Jill jointly own two investment properties and wish to swap their interests so that they each have ownership of one of the properties. As tenants in common they currently equally own Cornfield with a market value of £210,000 and the original cost of £50,000...

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Tax Question of the Week: Foreign Employment Income SATR

My client has worked abroad for 4 months, how do I report this on their tax return (“SATR”)? The first thing you need to do is determine your client’s residency status for the tax year. This is determined using the Statutory Residence test. Assuming the 4 months was...

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Tax Question of the Week: Carry Back of Charity Donations

My client’s 2017/18 net income is just over £100,000 and their personal allowance is being tapered. Is there anything that can be done now? Your client can make a qualifying gift aid donation before their 2017/18 tax return is submitted and treat the gift aid donation...

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TQOTW: DEEMED DOMICILE AND REMITTANCE BASIS

Pilar came to the UK when she began working here in autumn 2002. She was born with Spanish domicile and intends to retire to Barcelona where she grew up. When she moved to the UK, she continued to keep a modest amount of savings in a deposit account in Spain. As she...

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Tax Question of the Week: SDLT AND WELSH LAND TAX

My client is buying five residential properties from the same seller. Three of the properties are in England but two of them are located in Wales. I am familiar with the “linked transaction” principle and understand that this is common to both taxes with similar...

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Tax Question of the Week: Electric Car Charging

My client is an expanding local mobile care business and they are increasingly aware of the pollution that cars emit into the environment. With this in mind, they have been asked by their team whether they can look at changing the company cars to hybrid or electric...

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Tax Question of the Week: Changes in Entrepreneurs Relief.

How do changes in the Entrepreneurs relief conditions following the budget affect me and when do they come into force? The first key change was the definition of a personal company for Entrepreneurs’ Relief. Previously, a personal company was defined as one in which...

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Tax Question of the Week: Estates in Administration

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...

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