VAT Question of the Week 2

Question My client is on the flat rate scheme and runs a computer repair shop. They have purchased computer components (goods) from the EU, as well as business to business (B2B) general rule services, namely specialist IT consultancy, from a VAT registered French company. What are the reporting requirements on the VAT return for these… Read more »

VAT Question of the Week

Question My client runs a business that purchases old houses, renovates them up to modern standards and then sells them on. He uses a preferred architect for the design work and various building contractors to do the renovation work. Can he recover the VAT that the architect and various contractors charge to him as he… Read more »

Tax Question of the Week 2

Question I understand that relief from Stamp Duty Land Tax has been re-introduced for first-time buyers. Can you tell me more about this, please? Answer First Time Buyer Relief was introduced by the Chancellor on 22nd November 2017 and applies to all relevant transactions provided the effective date of the transaction is on or after… Read more »

Tax Question of the Week.

Question A director takes a minimal salary (say, £10,000) via the company payroll and although the employer was issued with a form SL1 (notice to make Student Loan deductions) her salary is below the relevant threshold and no deductions have been made. However, she is also a shareholder in the company and receives dividends of… Read more »

HR Question of the Week

Question One of my clients is in a bit of a tricky situation. They’ve got loads of work on and one of their employees has just called in sick for a week. My client is a bit suspicious because he overheard a conversation where the employee was saying they were trying to book a last… Read more »

HR Question of the Week

Question A client phoned me after hearing two members of staff talking about running a business in the evenings. My client thinks this won’t be in the same industry but he’s a bit worried about it and doesn’t know if he should say anything to the employee. Do you have any advice? Answer Having a… Read more »

VAT Question of the Week

Question My client is a VAT registered farmer. He owns a barn and is looking to rent it out. He has found a potential tenant who wants to use it to store his stock for his shop. The tenant is not VAT registered and was concerned that VAT would be due on the rent. My… Read more »

VAT Question of the Week

Question I have a new client who is not registered for VAT as his turnover is just below the VAT threshold. In the last five years, he has incurred significant setup costs. Can he backdate a voluntary VAT registration and recover these? Answer Businesses only have limited rights to recover input tax retrospectively, so consideration… Read more »

Tax Question of the Week

Question My client is a director and shareholder of a civil engineering company.  He has now reached his late 50’s and would like to retire from the business and hand the reigns over to his son who is currently a minority shareholder.  His son does not have the cash to buy his father’s shares directly… Read more »

Tax Question of the Week

Question My client owns two residential properties house A and house B. He has never lived in house B but wants to know if he can make an election for house B to be his main residence for PPR purposes, can he do this? Answer Where an individual has two or more residences an election… Read more »