With the COVID-19 situation at the forefront and stealing the headlines , there are other matters which business owners  need to think about especially after the Uk’s exit in the new year from the EEC, the below is one area which needed explaining so here is one, I will be writing again and highlighting other…

Finally, one general point on VAT post Brexit, but a very important one VAT on services Post Brexit The VAT rules that determine whether the supply of a service is outside the scope of VAT will change at 12.01 pm on 31 December 2020, as the transition period for the UK leaving the EU comes to an…

There has been a number of changes to the Stamp Duty Land Tax  (SDLT) rules, also given that with various incentives available for limited period, its only right that we visit some of the rules especially relating to Multiple Dwellings, which could result in substantial tax savings Let us assume  a scenario where a client…

When a spouse who has had a  pension scheme and dies before reaching  the age of 75,  the choices for receiving  tax-free funds by the surviving spouse needs to be considered properly and in its entirety. Both Inheritance Tax and Income tax needs to be looked in the context of the surviving spouse’s own circumstances…

When a transfer of a residential property is contemplated into a discretionary trust when the property value at the time is in excess of the Inheritance Tax nil band currently £325,000, serious thought will need to be given before any transfer is undertaken as to the implications of Capital Gains Tax and the availability or not to the…

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” …

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