VQOTW: VAT AND THE EAT OUT TO HELP OUT SCHEME

VQOTW: VAT AND THE EAT OUT TO HELP OUT SCHEME

My client runs a restaurant and will be registering for the Eat Out to Help Out Scheme, where they can claim back the 50% discount offered to customers for supplies made on Mondays to Wednesdays between 3rd August and 31 August 2020. As they are offering a discount to...

VQOTW: LOCKDOWN, TURNOVER AND DEREGISTRATION

My client is a hairdresser and due to the current Covid-19 pandemic situation, her salon has been closed since mid-March. Prior to that she was VAT registered and significantly above the registration threshold. She has asked whether she can deregister from the...
CORONAVIRUS (COVID-19) & FURLOUGHED EMPLOYEES

CORONAVIRUS (COVID-19) & FURLOUGHED EMPLOYEES

Coronavirus Job Retention Scheme  – (Updated 06/04/2020 @ 14.12pm) HMRC will set up a new online portal so that ALL UK employers this month, regardless of size, will be eligible for assistance where an employee has been designated as a ‘furloughed worker.’ HMRC will...
TQOTW: QUALIFYING INTEREST RELIEF

TQOTW: QUALIFYING INTEREST RELIEF

If I lend money to my property investment company to purchase a rental property, can I claim income tax relief on the interest I pay on the borrowings to do so? ITA 2007 s392 details the circumstances in which an individual may be eligible for income tax relief in...
CORONAVIRUS SSP & COVID-19

CORONAVIRUS SSP & COVID-19

I have staff off due to coronavirus (COVID-19), what should I pay and what can I reclaim? We are receiving an extremely high number of calls in regards to paying employees statutory sick pay if they are off work due to coronavirus. We have put together a summary of...
TQOTW: CHARITABLE TRUST

TQOTW: CHARITABLE TRUST

The trustees of a charitable trust have advised me that they want to encash an investment bond they hold with an insurance company and have asked me to confirm that no tax is payable. Are they correct? If the investment bond is a UK policy then yes, no additional tax...

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