Blog

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Considering capital expenditure?

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... more


70
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Can an employer still claim the Employment Allowance (EA)?

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... more


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The ‘Section 455 Charge’ (borrowing money from the company)

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... more


82
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Making Tax Digital (MTD)

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... more


82
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Buy-to-let property

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... more


85
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Reclaiming of VAT

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 ... more

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71
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Reducing potential liability to capital gains tax

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... more


51
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Family home inheritance tax

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... more


43
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Rental property in joint names

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... more


39
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VAT return error

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... more

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31
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Interest-free loan for rail fare ticket

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... more


30
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VAT registration

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 ... more


36
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Down-sizing to a smaller property

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... more


141
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Annual Investment Allowances

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... more


141
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Q. Due to cash flow difficulties I have not yet paid my self-assessment...

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 ... more