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How to tax efficiently sell your business not your company
You're negotiating the sale of your business. The buyer doesn't want your company, which runs it, just its trade and assets. How can you reduce the tax when you extract the sale proceeds from the company?
Celebrating a company milestone and the tax consequences
Your company is celebrating 25 years in business with small gifts to customers and a party for your staff. What tax deductions is it entitled to?
Make your mortgage interest tax deductible
Is it possible to get tax relief for your mortgage interest?
Company closure - what happens to shareholder loans?
You've closed a subsidiary of your main company but your loan account with the subsidiary company is in the red by nearly £20,000. What are the implications?
Handling mixed-purpose travel expenses
Your company pays for an employee's business trip and the use their downtime to make sightseeing trips. Does your company have to treat the expenses as taxable?
Full expensing - is your cup overflowing with tax relief?
You've heard from a colleague that all equipment bought for your business now qualifies for 100% relief as a deductible expense. Is this correct?
Selling your business - what costs are tax deductible?
When selling your company the legal and professional costs can soon mount up, but what's tax deductible and what's not?
Generating income from your SEIS investment
What's the most tax and NI-efficient way to take income from your seed enterprise investment scheme while preserving the tax breaks?
Tax reliefs and deductions - know your (time) limits!
Strict time limits apply to claims by individuals and businesses for tax deductions and reliefs. What are the key dates you need to know to comply.
Have you underclaimed your expenses?
HMRC stated that upgrading a boiler wouldn't be a deductible expense for tax purposes. It is now admitting that this was wrong. What action do you need to take?
IHT exemptions - when and how to use them
Naturally, you want to keep as much of your estate as possible from HMRC's coffers. What simple steps can you take to achieve this?
Leasing cars - what are the VAT pros and cons?
You're leasing instead of purchasing cars for your business. This allows you to reclaim VAT that you would not otherwise be entitled to. Is this correct?
PAYE compliance check - what are your rights?
HMRC requests more details post routine questionnaire. Can subscriber decline without investigation initiation?
Gid aid - 'tis the season to be giving
How can you make your altruism go a bit further by taking advantage of valuable tax breaks?
Criteria for self-assessment are changing
You may have had to file a tax return if your income exceeded the point where the personal allowance starts to be tapered away. This has changed for 2023/24.
Preserving the tax breaks for holiday homes
Because of a lack of bookings there's a risk that your holiday rental property might not qualify for the special tax breaks this year. Is there a legitimate way to prevent this?
How much VAT can you reclaim on refurb costs?
Your firm is relocating premises and spending a lot on refurbishments including fancy furnishings and artwork for the offices. A colleague has said you might not be entitled to reclaim VAT on some of these costs. Are they right?
Missed the 31 October deadline?
If you file your paper tax return after 31 October 2023, HMRC will fine you. However, there are exceptions. When and how can you use them to avoid a penalty.
Subcontractors - a VAT trap
Another business issues invoices for an entire job. Is it responsible for accounting for VAT on your work or is it up to you?
Is your side-hustle taxable?
If you start a small side venture to make some extra cash, is it always necessary to declare it to HMRC?
Setting tax-efficient salary - don't be too quick on the draw
If you have complete autonomy over when and how you are paid. What do you need to consider before committing your company to a salary if cash is tight.
Friends and family finance for businesses
You've been offered financial donations from friends and family to help start your new business. If it's a success you plan to reward the contributors. What wou
Can you legitimately dodge registration?
Because of exceptional circumstances your business turnover has exceeded the VAT registration limit. You're sure that this won't be repeated. Must you register
Avoiding tax trouble with earn outs
You're negotiating the sale of your company. You've agreed that part of the sale value will be based on future performance of the company. How should you word t
When is "too late" for VAT claims?
It's come to light that VAT hasn't been reclaimed on a batch of invoices going back several years. Can you claim a reduction on your next VAT bill?
What's the tax treatment of inherited pensions?
A pension plan is a very tax-efficient way of saving money for later in life. However, some of you may die before you can fully utilise your accumulated benefit
Will function be a taxable event?
You want to hold a summer event to entertain your workers and help improve morale but you are unsure what the tax and NI position will be. What is the current a
Tax-efficient pension contributions for your partner
A business associate says he gets a tax break by getting his company to pay a pension contribution for his spouse who's currently not working. Is this something
HMRC launches PAYE code tool
HMRC has launched a new online tool to help you understand your PAYE code. What is it and how can you use it?
Tax credits deadline and scam warning
The tax credits deadline is 31 July. If you haven't renewed your claim you need to act quickly but carefully. What steps should you be taking?
Business gifts with a price tag
Your company received several cases of champagne from a grateful customer. An accompanying note said the company should share it among staff and directors. Is there tax to pay here and, if so, who is responsible for paying it?
Go electronic with your invoices
Youswitched to electronic invoicing. However, some customers are asking for paper invoices and getting pushy about it. Must you comply with their requests?