Articles
MY VIP TAX TEAM QUESTION OF THE WEEK: FAIR VALUE ADJUSTMENTS & TAX
Two companies owned by my client have an intercompany loan which has become partially unrecoverable due to a fall in value of the underlying investment property. Both the...
MY VIP TAX TEAM QUESTION OF THE WEEK: IR35
A client of a partnership has decided that a service provided by one of the partners is within IR35 and would therefore be subject to deductions for tax and national insurance...
HR EXPERT: NLW IS CHANGING
In a historical move, the Government announced on 25 November 2020 that the National Living Wage (NLW) would not only be increasing in 2021 but that the age threshold would be...
MY VIP TAX TEAM QUESTION OF THE WEEK: PAYE SETTLEMENT AGREEMENT
A couple both work for the same employer and are getting married. The employer wishes to give them a wedding gift totalling around £300. How can this be reported to HMRC so...
MY VIP TAX TEAM QUESTION OF THE WEEK: TRADE LOSSES ON INCORPORATION
I have a sole trader client that has a loss-making company and qualifies for incorporation relief under TCGA 1992 S162. What happens to the losses on incorporation? Under ITA...
MY VIP TAX TEAM QUESTION OF THE WEEK: CONTRACTORS FAILURE TO DEDUCT CIS FROM PAYMENTS MADE TO A SUBCONTRACTOR
My client has had a computation from HMRC for the CIS (Construction Industry Scheme) deductions they failed to deduct from payments made to a subcontractor for the current and...
MY VIP TAX TEAM VAT QUESTION OF THE WEEK: TOP 5 BREXIT QUESTIONS ON THE VAT ADVICE LINE
1. Sales of goods to EU consumers/IOSS Sales of goods to EU consumers are now exports from mainland UK (GB) and can be zero-rated with proof of postage/shipment. There are...
MY VIP TAX TEAM VAT QUESTION OF THE WEEK: FREIGHT TRANSPORT CHANGES
My client supplies freight transport and associated services. They supply these services to customers that are in business and customers not in business.Are there any changes to...
MY VIP TAX TEAM QUESTION OF THE WEEK: CLAIMING VAT ON PAYMENT OF THIRD-PARTY LEGAL COSTS
My client has been in dispute regarding a road traffic accident between one of his company’s lorries, and another VAT registered business’ lorry. A small claims court has judged...
VQOTW: FITTED FURNITURE AND REDUCED-RATED BUILDING WORK
My client specialises in bespoke joinery. He has worked on a lot of new houses but has now been asked to work on the renovation of an old country house that has been empty for...
HR EXPERT: REFERENCE SALARY AND SALARY HOURS
A client wants to know if they can calculate reference salary and salary hours. What do they have to keep in mind when making these calculations? Further guidance on the extended...
VQOTW: SELLING LAND WITH CIVIL ENGINEERING WORKS
My client is a VAT registered builder who purchased bare land for £260,000 inclusive of VAT, with the intention to construct new dwellings and sell the freehold interest. He has...
VQOTW: CHANGES TO THE RULES FOR MOVEMENTS OF GOODS
I have two clients that are confused by the impending changes to the rules regarding movement of goods across the EU. One of my clients is a UK business, making distance sales of...
HR EXPERT: JOB RETENTION BONUS
A client has found that new guidance has been released on the Job Retention Bonus and would like to know more about it, please can you advise? Yes, more detailed guidance on the...
TQOTW: STATUTORY SICK PAY (SSP) FOR A NEW STARTER
My client has an employee who started employment with them last week and is now sick, are they due payment of SSP? There are certain conditions that an individual must meet to be...
HR EXPERT: POST FURLOUGH ADVICE
A client wants to know what their options are after the furlough scheme ends, for both furloughed staff and others. On 29th May 2020, the Chancellor, Rishi Sunak, confirmed that...
HR EXPERT: NMW ’EMERGENCY BREAK’
A client is concerned about how they will cope financially next year with the annual National Minimum Wage increases. Is it likely that the Government will introduce further...
TQOTW: CLASS 1 NIC BILL FROM HMRC
My client has had a bill from HMRC for the Class 1 NIC (National Insurance Contributions) under deducted from their employee for the current and last 6 tax years. Can my client...
HR EXPERT: SEPTEMBER FURLOUGH CHANGES
A client is expecting that there will be changes to the Coronavirus Job Retention Scheme come September but is unsure exactly how this will impact their business. What are the...
VQOTW: ENERGY SAVING MATERIALS
My client is an electrician and has a contract to supply and install an electric car charging point and solar panels with a battery to a residential property. What is the...
CORONAVIRUS (COVID-19) SELF-EMPLOYMENT INCOME SUPPORT SCHEME
Self-Employment Income Support Scheme (SEISS) The scheme should be thought of as 2 separate grants available to the self-employed. The 1st grant covers the period March to...
HR EXPERT: FURLOUGH FRAUD PENALTIES
A client is worried about the possible implications of furlough fraud. What are the penalties, how can they avoid it, and will they still have to pay out even if they overclaimed...
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...
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...