What is the correct treatment where an employer provides an employee with a company credit card, and it is used to pay for roadside charging of an electric company car? There will be no taxable benefit on the employee and no NIC charge. A credit...
A client wants to incorporate their existing sole trade and so I am considering tax efficient ways of achieving this, including Incorporation Relief. The trade has various debts including bank loans and I would be grateful for clarification as to...
Can you please remind me how the newly reintroduced “associated company” rules will apply from 1 April 2023 in the context of the small companies’ rate of corporation tax for two companies in the following scenario. My client and his wife own...
Late submission penalties HMRC is introducing new penalties for VAT returns that are submitted late. These replace the old default surcharge system. The penalties apply to all returns, even if it is a nil return or a return that claims a repayment...
My client is a UK resident individual who owns 3000 out of 10,000 ordinary £1 shares in an unquoted trading company which he subscribed for upon creation of the company, he has been a working director for the company now for around 7 years and...
This question is becoming more common as electric cars become more affordable, accessible and their use more widespread in society. With that, employers are looking for new ways to introduce these types of cars into their company car fleet on...
A married couple, have jointly held residential investment property. The husband is a higher rate taxpayer and the wife is a basic rate taxpayer and they would like to change the allocation of the property income. They do not want to change their...
My client (Peter) and his brother (Fred) jointly own two rental properties but now wish to rearrange their holdings so that they each own a property. Property A has a market value of £250,000 and has a base cost of £90,000 and Property B has a...
A client has sold her house to a close friend who is apparently willing for my client to remain in the property for as long she wants rent-free. The friend is a wealthy individual who is resident overseas. Will this be a Gift with Reservation for...
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