VQOTW: CALL-OFF STOCKS

VQOTW: CALL-OFF STOCKS

My client sells gym-wear and has been approached by a German VAT registered Amazon trader to supply them with 1000 t-shirts which are to be shipped to a warehouse in Germany – this will be the equivalent of six months’ worth of stock. The customer will take the stock...
TQOTW: DEPENDENT PENSION DRAW DOWN

TQOTW: DEPENDENT PENSION DRAW DOWN

My client is to benefit from their deceased spouse’s pension scheme and has been advised that, as their spouse died below the age of 75, they have the choice of receiving a tax-free lump sum or to take tax-free withdrawals from a Flexi-access fund. My client has asked...
VQOTW: INPUT TAX ON TOGC

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: FEE PROTECTION INSURANCE

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...
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...
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...

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