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December 2018 Tax Insider

Tax l

Included in this month’s article:
– Annual investment allowance to rise to £1m
– Small retailers get business rates boost
– IR35 reforms to be extended to the private sector
– Higher-rate earners hit by national insurance rise

Read the full article here

Planning your estate: wills

Law l

Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend.
Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones.

Read the full article here

VQOTW: VAT VOUCHER CHANGES

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My clients own a hair and beauty salon and have recently started to issue their own gift vouchers. I understand that the VAT treatment depends on the type of voucher, and also that there have been some recent changes. Please, could you clarify?

HR EXPERT: WRONGLY CLASSED AS SELF-EMPLOYED

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My client has heard several stories in the news about ‘workers’ being owed compensation after being wrongly classed as ‘self-employed’. How can they be sure they have got the employment status of their own staff correct?

VQOTW: SALE OF BUSINESS ASSETS

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My client is changing his business policy with respect to vehicles so that in future vehicles will be leased on contract-hire instead of owned by the company. Several employees are interested in buying the old vehicles. Will he need to charge VAT on the sale of those vehicles to the employees?

Deregistering for VAT

VAT l

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

Starting a business

Businesses l

Britain is a nation of fearless entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.

Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16, while Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.

November 2018 Tax Insider

Tax l

This months edition includes:

– Most small businesses receive funding boost
– Small firms not ready for no-deal Brexit
– Budget 2018: Tax and business round-up
– Government announces apprenticeship levy reforms

TQOTW: PROFESSIONAL GAMBLING

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My client’s son is a professional poker player and wins around £4,000 a month from playing poker. This is all he does and has no other earnings. Are the winnings taxable if playing poker is his profession?

HR EXPERT: TIPPING WAITERS

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My client has heard that the law on dealing with tips is going to change. He runs a restaurant and currently passes on only 75% of tips to the employees. Will he be able to carry on doing this?

VQOTW: WHAT DO HMRC MEAN BY TAXABLE TURNOVER FOR MAKING TAX DIGITAL

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My client works through her own limited company, providing public relations and marketing consultancy to businesses in the UK and all over the world. The business is VAT registered in the UK on a voluntary basis; is she going to be affected by Making Tax Digital?

TQOTW: PENSION CONTRIBUTIONS

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My client takes most of their funds from the company via dividends. How much can they and/or the company contribute to their pension?

VQOTW: AGRICULTURAL FLAT-RATE SCHEME

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We have a client who runs a plant nursery and claims that he is exempt from registering for VAT as the business falls under market gardening. I have searched HMRC’s website but can find nothing on this subject. Is he correct?

October 2018 Tax Insider

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This months edition includes:

– Apprenticeships fall 31% in the last academic year
– Chancellor mulls abolishing dividend allowance
– Treasury shelves plan to scrap class 2 NICs
– IPPR leads call to replace inheritance tax system

Read the full article here

Using pension funds in your business

Businesses, Pensions l

As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.

Data from the British Business Bank shows that in 2017 the number of small businesses seeking traditional bank loans reached a record low of only 1.7%.

Read the full article here.

HR Expert: Contractual Sick Pay

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My client pays contractual sick pay and one of their employees is having elective surgery. Do they still have to pay them?

VAT Question of the Week: Input VAT – Too Late to Claim?

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My client has been approached by a builder, who carried out repair work to the client’s factory some years ago. The builder was late registering for VAT and is now looking to issue VAT only invoices to my client for the supplies in question. I have several concerns: is the supplier liable to account for the VAT if the supplies were made more than 4 years ago? Is my client obliged to pay and if so can he now recover the VAT given that the original invoices were dated more than 4 years ago?

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