Blog
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Considering capital expenditure?
Businesses considering investing more than £200,000 in plant and machinery could benefit from a change to the capital allowances rules in January 2019, wh...
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Can an employer still claim the Employment Allowance (EA)?
In broad terms, the Employment Allowance (EA) is available to most employers and should enable them to reduce the amount of National I...
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The ‘Section 455 Charge’ (borrowing money from the company)
For accounting purposes, cash transactions between a director and a personal or family company are recorded through the d...
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The Making Tax Digital (MTD) pilot opens to all
The Making Tax Digital (MTD) pilot has been opened up to all businesses that will be mandated from April 2019 (i.e., the first VAT accounting per...
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Q. I bought a property several years ago to rent out. Over the last five years its value has risen from £120,000 to £220,000. I understand that if I sell it now, I would be liable to pa...
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Q. I run my own business, which is registered for VAT. If I purchase a new car for business use, can I reclaim the VAT I pay on it?
A. If you only use the car for business purposes, you may be ...
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Q. My wife and I own various assets – some are held in individual names and others are held jointly. We are wondering whether we should 'equalise' the value of our assets to reduce po...
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Q. My estate, which includes my home, is currently worth around £600,000. I am single, have never been married and have no children. I intend leaving my estate to my siblings. Will they quali...
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Q. My husband and I own a rental property in joint names. We would like to transfer ownership of the property to our twelve-year-old son. Can minors own property in the UK?
A. In this...
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Q. What should I do about an error I accidently made on my latest VAT return?
A. You can adjust your current VAT account to correct errors on past returns if the error:
* w...
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Q. My employer has offered to give me an interest-free loan to purchase an annual rail fare ticket costing £3,500. Will I have to pay tax on the loan?
A. Strictly, the taxable benef...
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Q. I have been trading for several years. Although I am not currently registered for VAT, I think my income is getting close to the VAT registration threshold. Are there any items I can ignore for ...
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Q. I recently sold my main residence and down-sized to a smaller property. Unfortunately, because of current economic conditions, the sale price of the house was £30,000 less than I originall...
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Q. I am aware that there is to be a temporary increase in the limit for claiming Annual Investment Allowances. Are all assets eligible for the allowance?
A. Unfortunately not all expendit...
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Q. Due to cash flow difficulties I have not yet paid my self-assessment payment on account, which was due on 31 July 2018. I realise that I will have to pay interest on the amount outstanding, but ...
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