Several of my limited company clients allow directors/shareholders to overdraw their director loan accounts. What should be considered in this situation?
The proprietors have spotted a gap in the market and wish to expand into that field. The company is looking to raise further share capital through another round of EIS investment. What are the restrictions given the age of the company?
My client is selling a property on which he recovered VAT a couple of years ago and has been occupying for his trade, and therefore I assumed that he must charge VAT on the sale. The prospective purchaser is hoping to develop four flats to let out so he won’t be able to recover any VAT, and his accountant believes that there is a way around this because our client purchased the property for less than £250,000.
The company provides some employees with Company cars that are hybrids. The employees are also provided with fuel cards that are available for their private use and receive a fuel Benefit in Kind in relation to the car. However, the cars are plugged in and charged at home can the employer offset this cost against the fuel Benefit in Kind?
My client has a question about principle private residence relief.
As a jobbing builder, my client has reduced the number of projects he takes on as he approaches retirement, and as a result, his turnover has fallen below the VAT threshold and he wishes to deregister.
Relief under s 222 TCGA 1992 will be available in full to relieve any gain from being chargeable. However, this is only the case if the dwelling-house has been the individual’s main residence throughout the period of ownership. Under s 223(1) TCGA 1992 the last 18 months are deemed to be a period of occupation […]
My client is concerned about his pension savings and has heard about the tapered annual allowance.
Can the partners make a fresh start with their VAT registration?
Can I assign the income from my investment property to my spouse so it is taxed at a lower rate?
Income tax for Scottish taxpayers is set to change significantly from 6 April 2018, as their earnings, pensions and profits will be subject to up to five rates of Scottish income tax.
This tax, known as ATED, applies to residential properties owned by companies. It only came into effect on 1 April 2013 and was extended to properties worth over £500,000 from 1 April 2016.