When a non-resident individual is contemplating selling his UK residential and / or commercial property and going abroad for good with no plans to return to the UK , careful consideration has to be given as to how this will impact on the provisions of Capital Gains Tax and in particular those set out in…

The VAT recovery on expenses such as Accountancy and Legal on Selling part of a  business which comprises exempt business e.g. residential lets and taxable activities such as  Landscaping, Maintenance services etc can be tricky as the business carried out is partly exempt, professional fees are usually put in his residual input tax, but as a…

At the yearend there may be the need to deal with the overdrawn directors loan account, assuming all other options e.g. voting dividends, bonus etc have all been exhausted , you may be left with a situation where there is still an overdrawn balance and consideration then must be given to  minimising the beneficial loan…

Vat implications of perks such as  a corporate membership to a local gym and / or possibly offering subsidised meals  in their canteen. HMRC’s policy on employees perks and rewards is that services provided to staff can be a legitimate business expense if they are provided mainly to reward or motivate staff. If so, the…

A  Client owns 100% of an investment property and wishes to transfer a beneficial interest in the property to his wife. “I have just read an article on the internet that states that I  can do this by passing on a 99% entitlement to the income from the property but only a 1% interest in the capital proceeds” …

Say a client has left their main residence to their children through a discretionary trust in their will and say  If a deed of variation is done within 2 years of the date of death would the residence nil rate band still be available? The residence nil rate band is available to individuals who leave…

Lay off or short-time working, collectively known as LOST will be available to you as a business / Employer  if you wish to address a temporary shortage of available work without resorting to a redundancy procedure. Although they are often grouped together, there is an important distinction between the two that is explained below. Lay off will involve you asking staff to stay…

HMRC is giving information to customers to help them avoid scams ahead of the Self Assessment deadline. HM Revenue and Customs is warning millions of Self-Assessment customers to be aware of fraudsters in the run up to the 31 January deadline. Over the last year, HMRC received nearly 900,000 reports from the public about suspicious HMRC contact – phone…

A purchase of own shares, is a purchase, by a company of its own shares from a dissenting or retiring  shareholder, a company buys back its shares where a shareholder wants to reduce or end their involvement with the company and it could be that the other shareholders may not want to, or may not have the…

If you are starting a new business and need to raise some funding for the company or indeed you are AN Investor looking to invest in a new business, then in the article below we give you two very important reliefs, these are Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), both are…

Subscribe to our newsletter

© 2019 Shaikh & Co is the trading name of Shaikh & Co Limited a company registered in England and Wales Company Number 10372642 VAT Number 262993664.

Shaikh & Co