Solid Business Blog

Business tips, success stories and more.
TQOTW: LLP SELF ASSESSMENT TAX RETURN

TQOTW: LLP SELF ASSESSMENT TAX RETURN

I have a new LLP client which was incorporated on 18th October 2018 whose first trading accounts will be prepared to 31st October 2019. Having registered the LLP and its members (all individuals) under self-assessment, I am preparing the 2018/19 LLP Tax return but am...

read more
VQOTW: FINANCIAL INTERMEDIARIES

VQOTW: FINANCIAL INTERMEDIARIES

My client is an independent mortgage advisor, who is not VAT registered. Her turnover is above £85,000 and all of her income is either commission, which is paid by UK lenders, and flat fees received from customers seeking a mortgage. In the last 12 months, £75,000 of...

read more
VQOTW: RENOVATION OF AN EMPTY DWELLING

VQOTW: RENOVATION OF AN EMPTY DWELLING

My client recently purchased an empty 3 bedroom bungalow that hasn’t been lived in for 4 years. He intends to spend £30k extending and refurbishing the property into a 4 bedroom house, which he and his family will move in to. He has the skill set to do some of the...

read more
TQOTW: HP CONTRACT & CAPITAL ALLOWANCES

TQOTW: HP CONTRACT & CAPITAL ALLOWANCES

My client bought a commercial vehicle under an HP agreement but has not made the final payment and so did not acquire ownership of the vehicle. AIA has already been claimed from the outset. How is this dealt with for capital allowances purposes? The normal assumption...

read more
TQOTW: EU FIFTH MONEY LAUNDERING DIRECTIVE

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

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

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

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

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

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
December 2019
M T W T F S S
« Nov    
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

Pin It on Pinterest

Share This