Newsletters
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Doubling the tax-free estate
15 years ago the inheritance tax nil rate band was made transferable. This doubled the tax-free amount for many estates. With a little planning some estates could do even better. How can this be achieved?
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Avoiding a VAT deregistration headache
A sole trader deregistered from VAT two months ago because of an expectation of reduced turnover. But they are concerned that they must re-register immediately because sales have still exceeded £85,000. Are their concerns justified?
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Can making good benefits be tax efficient?
A company has provided the owner manager with benefits in kind on which they’ve been taxed. It’s possible to reverse this by making good the benefit. But will this save the owner and the company tax in the long run?
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Repairing machinery: what can be deducted for tax purposes?
A trader acquired two second-hand cars which he renovated for use in his business. He thought he would get immediate tax relief for the renovation costs but his bookkeeper says special rules mean it will be spread over many years. Is that correct?
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Can more than one employment allowance be claimed?
An entrepreneur owns a trading company and is starting a second business through a new company. They want to know how the employment allowance works in these circumstances. How can they benefit from an unexpected bonus?
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Business expense trap for companies and directors
During the pandemic a company was struggling for cash. To help, the directors didn’t claim reimbursement of business expenses they incurred. However, the company can now afford to pay them back. Will this cause a problem?