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Q. I am the director of a family-owned company. My wife and my two children are employed by the company. If the company provides a mobile phone to each of us, what will the tax implication be? ...
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Q. I am a VAT-registered trader and use the flat rate scheme for working out my VAT payments. I receive a small amount of rental income each month which I include in turnover to calculate the VAT d...
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Q. A few years ago I bought an antique chair for £3,500. I have recently been offered £8,000 for it. Will I have to pay capital gains tax if I accept the offer?
A. &...
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Changes in accounting for VAT after prices are altered
HMRC have published Brief 6 (2019), which describes changes to the rules on accounting for VAT, where the amount paid changes after the VA...
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The Correct Way With Directors' NICs
In certain situations the non-cumulative nature for calculating employee Class 1 National Insurance Contributions (NICs) makes it possible to manipulate...
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HMRC consultation on Partial Exemption and Capital Goods Scheme
At Spring Statement 2019, the government announced that it would launch a call for evidence exploring ways to improve the operati...
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Dividend Allowance
Many family-owned companies allocate dividends towards the end of their financial year and/or the tax year, which means that the impact of the reduction in the dividend ...
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Q. I have realised that I made a mistake on my most recent VAT return. What do I need to do to put things right?
A. You can make adjustments to correct errors on past return...
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Q. I would like to give my daughter a gift of £5,000 cash. What are the inheritance tax implications of this gift?
A. The inheritance tax (IHT) annual exemption enables a pers...
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Q. I intend to start my own business later this year but have yet to decide whether to trade through a limited company straight away. I will need to make a substantial initial investment in the bus...
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Q. I have been running my own business since 1 September 2018 and now wish to complete my 2018/19 tax return. I have not incurred any capital expenditure and my turnover is less than the current VA...
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Q. I am in the process of purchasing a new house that I will use as my main residence. I will sell my current main residence as soon as I buy the new house. I also own several other rental properti...
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Q. If I take my staff away overnight for an off-site daytime business meeting and evening social function, will the costs be tax deductible for corporation tax purposes?
A. The cost...
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Moving into partnership
A partnership may be a simple trading vehicle enabling two or more people to own and run a business, but there are a few practicalities worth considering before making t...
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MTD for VAT: guidance updated
HMRC have published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how ...
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