Solid Business Blog
Business tips, success stories and more.
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...
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...
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...
TQOTW: DEFERRED STATE PENSION
Anne (aged 66) and Brian (aged 68) are a couple who could have started to draw their state pension a few years ago but they chose instead to keep on running their own trading company and defer taking it. From a look at their records for 2018/19, it’s clear that they...
TQOTW: RESIDENCE NIL RATE BAND
My client has left their main residence to their children through a discretionary trust in their will. If a deed of variation is done within 2 years of the date of death would the residence nil rate band still be available? The residence nil rate band is available to...
TQOTW: ANNUAL INVESTMENT ALLOWANCE (AIA)
My client company has a year-end of 31st May 2019 and throughout the year the company incurred capital expenditure that qualifies for the annual investment allowance (AIA). How do we determine the amount of AIA available and how do we allocate the AIA to the...
TQOTW: RENTAL INCOME ALLOCATION
My Client owns 100% of an investment property and wishes to transfer a beneficial interest in the property to his wife. I have just read an article on the internet that states he can do this by passing on a 99% entitlement to the income from the property but only a 1%...
TQOTW: JOINT RENTAL INCOME
My husband and I jointly own a rental property, the income of which we declare 50:50 on our Tax Returns. I have been promoted and will be a higher rate taxpayer going forward. Is it possible for my husband to be taxed on a greater proportion of the rental income as he...
VQOTW: VAT MYTHS
Client is adamant that their car dealer has advised them that VAT incurred on the purchase of an electric car is recoverable in full. ❌ Myth! An electric car is no different to a car which runs on any other fuel; input tax is blocked from recovery unless...
TQOTW: EMI & ER
Over the last few years, my client has been granted a number Enterprise Management Incentive scheme (EMI) options. He has exercised these over the last few years at different times. In this tax year he disposed of all of his shares in the company, will he qualify for...
