Tax Question of the Week

Question I have a client who wishes to gift his sole trade business to his son.  No consideration will be paid by the son.  What is the position with the trading stock?  Will this trigger a tax charge?   Answer If a person permanently ceases to carry on a trade, in calculating the profits of… Read more »

VAT Question of the Week

Question My client has recently arranged for a UK business to supply consultancy services to a business in the USA and he will be invoicing the UK business for his commission imminently. I understand that the place of supply for intermediary services is where the customer belongs and so, as my client’s customer is in… Read more »

Tax Question of the Week

Question I have been told it is possible to give an employee £1,000 tax free in recognition of long service. Is this correct? Answer No, but it is possible to make tax free non-cash awards to employees with no less than 20 years’ service provided the value of the award does not exceed £50 for each… Read more »

Spring Budget 2017

ISA Allowance Rises While Dividend Allowance Falls The Chancellor, Philip Hammond, delivered his Spring Budget today. The Budget had a strong emphasis on the economic forecast, announcing and confirming measures to ease business rates, raise productivity in the UK and reduce Corporation Tax. Key Points from the Spring Budget 2017 Economic Growth Despite Brexit fears,… Read more »

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As a client of our accountancy practice you receive access to our Commercial Legal team Get the Advice You Need Croner Taxwise can provide you with the HR advice that you need, when you need it, through complimentary access to their Employment Law advice lines. Our Employment Law team is the largest in the UK… Read more »

Tax Question of the Week

Question My client has fallen out with his employer and as well as receiving compensation for loss of his office he is negotiating a lump sum payment in return for giving various undertakings to the employer. What are the tax implications of this payment?   Answer The tax treatment will depend upon the precise nature… Read more »

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Tax Question of the Week

Question   I have been told I can sell part of my garden for development free of tax. Is this correct?   Answer   This concerns the “principal private residence” (PPR) relief from capital gains tax. The relief is given against gains arising on a disposal of a dwelling-house or part of a dwelling house… Read more »

VAT Question of the week

Question I have recently accepted a new client, a husband and wife partnership, which was set up to acquire a dry cleaning shop as a going concern and at the same time to buy the goodwill and customer list of a clothing alteration business.   In the 12 months prior to the transfer the turnover… Read more »