Solid Business Blog
Business tips, success stories and more.
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...
TQOTW: EMPLOYMENT ALLOWANCE REFORM
How will the Employment Allowance reform coming into play from April 2020 affect my business? What are the new changes coming into play? With effect from 6 April 2020, employers with a National Insurance contributions (NICs) liability of £100,000 or more, or employers...
TQOTW: FEE PROTECTION INSURANCE
A business has started paying fee protection insurance. The business has taken out the cover directly with the insurance company. Will it be allowable for tax? Unfortunately, no tax relief is due for such insurance premiums. Business-related insurance premiums are...
VQOTW: PRICE REDUCTIONS AND CREDIT NOTES
My client invoiced for a supply of project management services but the project proved less complex and time-consuming than expected. As a result, as this is likely to be a regular client, he is going to agree that the price should be reduced, and a partial refund...
Studio Roso Testimonial
Studio Roso is a creative studio specialising in permanent large scale artworks, light installations and chandeliers for client across the world.All work is commission based and we work together with clients and client teams to enhance and create feature artworks. For...
VQOTW: EXCEPTION FROM REGISTRATION
My client has been trading as a contract cleaning company since July 2018. The company breached the VAT registration limit early this month, September 2019, under the “backward” rolling 12 month rule. However, the director has been experiencing ill health and is...
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...
