Articles
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...
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...
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...
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...
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 –...
VQOTW: INCORRECTLY CHARGED VAT ON TOGC
My client is buying a business and the vendor wants to charge VAT. Is this correct and if so can my client recover this as input tax? If your client is actually buying the assets...
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...
VQOTW: THE BREXIT DEAL
My client sells goods wholesale from his UK warehouse to EU VAT registered businesses – he has been preparing himself for Brexit, including obtaining an Economic Operator...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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”...
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...