Displaying 1-42 of 42 results
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SDLT and non-UK company shareholders
- 01 Sep 2023
FAQ about whether the additional 2% rate of stamp duty land tax for non-residents will apply to a limited, UK-registered property letting company, whose shareholders moved out of the UK in the previous tax year and are now non-residents for tax purposes.
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Cash accounting scheme
- 01 Sep 2023
FAQ about how to calculate turnover when a company is looking to leave the the cash accounting scheme.
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VAT registration threshold
- 07 Aug 2023
FAQ about a client with a house clearance business, whose regular trading income is normally below the VAT registration threshold, who wonders whether he can claim VAT exemption if a one-off sale of a find takes his income over the threshold.
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Capital allowances and disposal of assets
- 07 Aug 2023
FAQ about the effect on capital allowances, when a business sold some plant and machinery at a higher price than originally paid.
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VAT treatment of competition entry fees
- 06 Jul 2023
FAQ about the VAT liability of the entry fees charged by a company which runs competitions where participants pay to enter and have to answer some questions to get entered in to a draw.
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Pensions saving limits 2023 increase
- 06 Jul 2023
FAQ about a client wishing to benefit from increased pension savings limits announced in the 2023 Spring Budget.
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Retrospectively claiming unused nil rate band of inheritance tax
- 05 Jun 2023
FAQ on a whether the spouse of a client who died 10 years ago can claim the unused nil rate band (NRB) on his death, having been sole benefactor.
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VAT treatment of vouchers
- 05 Jun 2023
FAQ on a small bookshop/café business whose owner wants to encourage custom by selling vouchers which can then be redeemed in the shop and café. The owner wants to know how to treat VAT on the sale and redemption of these vouchers.
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Tax relief and gifting of commercial property
- 05 May 2023
FAQ on what tax relief might be available on business properties to be gifted to a garage owner's son. The properties have been rented out to third properties to generate an income.
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Cash Accounting Scheme
- 05 May 2023
FAQ on whether a decorator client, using the Cash Accounting Scheme, will have to account for VAT on payment for a job that was invoiced for, and completed, before the client registered for VAT.
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Deferring CGT payments
- 12 Apr 2023
FAQ on whether it is possible to defer payment of the Capital Gains Tax (CGT) liability arising from an asset sold, which the buyer is paying for in instalments.
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Construction DRC and the flat rate scheme
- 12 Apr 2023
FAQ on how to report supplies made and received which fall under the construction domestic reverse charge (DRC) and whether and whether flat Rate VAT should be paid.
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Recharges
- 10 Mar 2023
FAQ on whether VAT can be charged on travel expenses reclaimed by a management consultant from is customer, who has agreed to reimburse these costs.
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Pension payments in a property company
- 10 Mar 2023
FAQ on whether a property investment company can receive tax relief on their employer contributions to a registered pension scheme on the same basis as all their other business expenditure.
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Written-off directors’ loans and NIC
- 06 Feb 2023
FAQ about whether a client becomes liable to Class 1 National Insurance Contributions (NIC) on the write-off of a loan or advance to a participator.
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Flat Rate Scheme and Outside the Scope services
- 06 Feb 2023
FAQ about a client who is on the Flat Rate Scheme (FRS), who supplies services to the UK and other countries, considering how they should Outside the Scope (OTS) supplies when calculating VAT using their FRS percentage.
Exclusive
New penalty system for late VAT returns
- 18 Jan 2023
FAQ on a client who is behind with both submitting and paying his VAT returns and not able to pay VAT due for the 12/22 VAT period, thus incurring a default surcharge. It looks at what will happen if he does not submit and/or pay his VAT return for 03/23 on time.
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Salary sacrifice - cycle to work scheme
- 18 Jan 2023
FAQ questioning whether a salary sacrifice arrangement needs to be set up for a director who is provided with a company bicycle under a cycle to work scheme.
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Place of supply of repair services
- 06 Dec 2022
FAQ on whether VAT is chargeable on a vehicle repair carried out by a UK-based UK VAT registered car garage. The vehicle is insured by a Netherlands-based insurer, but is used for transporting goods from its UK supplier to customers all over the UK.
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Loans to traders
- 06 Dec 2022
FAQ on whether tax relief be claimed on a loan which a client made to his company, but which cannot now be reclaimed.
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TOGC relevant date
- 01 Nov 2022
FAQ on whether a client buying a commercial property rental business by way of an outside-the-scope of VAT Tranfer of Business as a Going Concern (TOGC) needs to notify HMRC of his Option to Tax (OTT) on the property.
Exclusive
Claiming VAT back as input tax
- 04 Oct 2022
FAQ on whether a client's company can claim the VAT back as input tax on a motorhome, which will be used instead of hotels when the client is on business trips (although there will also be a small percentage of leisure use).
Exclusive
Construction Industry Scheme
- 04 Oct 2022
FAQ on whether CIS deductions be applicable on boiler installation work, carried out by a sub-contractor for a plumbing company.
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VAT and green home improvements
- 06 Sep 2022
FAQ on the VAT liability for energy saving home improvements, looking at the case of a client who had solar panels installed on his house in 2022.
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CGT and property transfers in a divorce
- 06 Sep 2022
FAQ on whether CGT is due on a rental property being transferred to a spouse as part of a divorce settlement.
Exclusive
Trust registration of gifted property
- 09 Aug 2022
FAQ on whether there is a requirement to register a bare trust with HMRC, on a property gifted to children, but currently held in trust by their parents.
Exclusive
Margin scheme
- 09 Aug 2022
FAQ on whether a client who ordinarily sells second hand goods and ordinarily accounts for VAT under the margin scheme, can charge VAT at the request of one of his customers.
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New NIC threshold - July 2022
- 07 Jul 2022
FAQ on whether that it is correct that payroll software is applying the new NIC threshold to a June 2022 salary payment, event though the new thresholds are not meant to apply until 6 July 2022.
Exclusive
VAT zero rating and construction
- 07 Jul 2022
FAQ on whether a client, who bought a group of residential new build flats at VAT zero-rating, can claim VAT on agent fees if he sells them on empty, as new-builds.
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Affect of second property on SDLT
- 09 Jun 2022
FAQ on whether a client who is currently in the middle of selling their main home and purchasing their new home, will be affected by an additional SDLT percentage, as they also own an additional residential property which they rent out to tenants.
Exclusive
Making Tax Digital
- 09 Jun 2022
FAQ on whether a client who is UK VAT registered on a voluntary basis ,and who currently keeps records manually, will soon be obliged to switch to operating under MTD rules.
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Corporation tax - income tax chargeable event gain rules
- 11 May 2022
FAQ on whether a company will be subject to the income tax chargeable event gain rules following their disposed of an investment life insurance contract.
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VAT and charitable donations
- 11 May 2022
FAQ on whether money donated to charity from the sale of luggage and accessories falls outside the scope of VAT.
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Tax implications for written off loan
- 06 Apr 2022
FAQ on the tax implications of a loan made to a shareholder, which was subsequently written off.
Exclusive
VAT groups
- 06 Apr 2022
FAQ on what to do in the interim period while HMRC is processing and application to form a new VAT group.
Exclusive
VAT on service charge
- 15 Mar 2022
FAQ on the liability for VAT on a service charge applied by a restaurant, depending on whether the charge is optional or compulsory.
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Non-resident CGT
- 15 Mar 2022
FAQ on whether an overseas client's carried forward UK capital losses can be set against a gain from a UK commercial property they have sold.
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Country of tax residence
- 10 Feb 2022
FAQ on establishing which country a client, who is resident in two countries, can claim tax residence.
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Place of Supply and other VAT implications
- 10 Feb 2022
FAQ on what counts at the Place of Supply (POS) for goods moved between two continental European countries, by a UK based contractor.
Exclusive
VAT on commission income
- 07 Jan 2022
FAQ on whether the commission income on sales of third party art by a gallery owner falls below the VAT threshold.
Exclusive
Tax and bitcoin sales
- 07 Jan 2022
FAQ on the tax treatment of the sale of some bitcoin that a client was holding as an investment.
Displaying 1-42 of 42 results