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Claiming back VAT on costs prior to registration

I have been running my own business for several years and my turnover has recently exceeded the VAT registration threshold. I have registered with HMRC and am waiting for my VAT number and certificate. Can I claim back VAT on purchases made by the business before the registration date? A. There is a time limit for[…] Read more »

Changes to the rules for payslips

 I have some permanent employees and I also pay temporary workers as and when I need extra help. I understand that changes have recently been made to the rules concerning payslips. Could you please provide some clarification? Prior to April 2019, employers were only obliged to give payslips to employees. From April 2019, all workers[…] Read more »

Tax on sales of properties rented out

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 pay capital gains tax on a gain of £100,000. If I sell this property and re-invest the proceeds in[…] Read more »

VAT on new cars

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? If you only use the car for business purposes, you may be able to reclaim all the VAT paid on the purchase price. However, the car must[…] Read more »

Tax on interest-free employer loans

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? Strictly, the taxable benefit on cheap or interest-free loans is the difference between any interest paid and the interest payable at the ‘official rate’ (currently 2.50%). However,[…] Read more »

The ‘Section 455 Charge’

For accounting purposes, cash transactions between a director and a personal or family company are recorded through the director’s loan account. At the end of an accounting period, if the director owes the company money (i.e. the account is considered overdrawn), and the company is close (broadly, one that is controlled by five or fewer[…] Read more »

Change in Policy for Retained Deposits

My client and her husband run a boutique hotel in partnership. Due to the location and quirky nature of the décor, they are increasingly getting requests to host celebrations and parties in addition to overnight accommodation. As the financial outlay in preparing and staging the events can be quite considerable, the client asks for a[…] Read more »

Subletting premises and VAT

Q) My client, a VAT registered company, has been renting two adjacent units for use in its own joinery business. The landlord has opted both properties and charges my client VAT on the rent. The company uses one unit as a workshop; the ground floor of the other unit is his hardware shop. Above the[…] Read more »

CARRY BACK OF CHARITY DONATIONS

My client’s 2017/18 net income is just over £100,000 and their personal allowance is being tapered. Is there anything that can be done now? Your client can make a qualifying gift aid donation before their 2017/18 tax return is submitted and treat the gift aid donation as being made in the 2017/18 tax year. Although[…] Read more »

What should I do about an error I accidently made on my latest VAT return?

You can adjust your current VAT account to correct errors on past returns if the error: was below the reporting threshold (in broad terms this is less than £10,000, or up to 1% of your box 6 figure (up to a maximum of £50,000); was not deliberate; and relates to an accounting period that ended[…] Read more »


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