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TQOTW: Irrecoverable Loans

Tax l

My client has made a directors loan to his personal company (he is the majority shareholder) which now cannot be repaid. Is there a loss for CGT and if so, is it a ‘clogged loss?’

TQOTW: Electric Car Charging

Tax l

My client is an expanding local mobile care business and they are increasingly aware of the pollution that cars emit into the environment. With this in mind, they have been asked by their team whether they can look at changing the company cars to hybrid or electric cars and whether there are any incentives to do so.

Here we look at some of the recent changes and existing exemptions that may help them to make their minds up.

HR Expert: Personal Hygiene

HR l

My client has received a number of complaints from customers and staff about the personal hygiene of one of their employees. As this is a sensitive topic how should they go about addressing this with the individual?

The politics of tax breaks

Tax l

If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills.

Tax reliefs, or tax breaks as they are sometimes called, aren’t without controversy, however. There are too many of them, say critics, and they deny the public purse much-needed funds.

Read the full aeticle here.

Preparing businesses for leaving the EU

Businesses l

As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business.

March 2019 Tax Insider

Tax, Tax Insider l

Included in this article:

– HMRC error hits early-paying self-assessment taxpayers
– Minimum contributions rise to 3% for employers in April
– Making Tax Digital for VAT: one month to go
– Government launches service to prepare firms for EU exit

Read the full article here.

TQOTW: NEW PAYSLIP LEGISLATION

Tax l

My client has asked me about the new legislation regarding payslips that comes into effect in April 2019. Can you shed some light on this?

VQOTW: ONLINE TRADERS SELLING TO GERMANY USING AMAZON

VAT l

My client is an online retailer, selling through Amazon and other online marketplaces. They have recently received correspondence from Amazon with regard to the online sales they make to customers in Germany. It appears that Amazon is insisting that my client must VAT register in Germany if they want to continue to sell to German customers via Amazon. Can you advise what has prompted this action?

TQOTW: SELF-ASSESSMENT PENALTIES

Tax l

Now that the self-assessment filing date of 31 January has passed once again, I would like to be able to understand and explain to clients the penalty regime that will apply if their returns have not been filed on time.

February 2019 Tax Insider

Tax, Tax Insider l

Included in this months issue:

– Auto-enrolment fines rise 146%
– Dual-registration service passes 200,000 milestone
– Partners hit by avoidable ISA tax charge
– Think tank proposes tax changes to save £7bn

Changes to Probate in 2019

Accounting, Allowances l

From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount.

This is because of a proposed change to the fees families must pay to administer the estate of someone who has died.

The Risks of a Tax Investigation

Tax l

It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce.

The likelihood of HMRC swooping to investigate your business’s tax affairs seems to be a particularly difficult risk to quantify.

VQOTW: CHANGE IN POLICY FOR RETAINED DEPOSITS

VAT l

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 25% deposit up-front, which is non-refundable if the event is cancelled. Please, could you advise on the VAT treatment and time of supply implications of these deposit payments?

January 2018 Tax Insider

Tax, Tax Insider l

Included in this months article:

– Businesses getting to grips with apprenticeship levy
– R&D investment grows to £23.7bn in 2016/17
– OTS calls for inheritance tax system to be digitised
– Critics urge delay in rollout of MTD

Read The Full Article Here

National Insurance Planning

National Insurance l

National insurance contributions (NICs) are set aside to pay the state pension and other benefits, but due to the UK’s ageing population the National Insurance Fund is under increasing strain, with the state pension taking up more than 90% of its annual outlay in 2018.

Read The Full Article Here

Outsourcing Payroll

Payroll l

Does it make sense for your business?

Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll.

Read The Full Article Here

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