Newsletters
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Wrongly claimed input tax: use a concession
HMRC has identified that one of your suppliers is no longer registered for VAT, so should not be quoting their VAT number on their sales invoices and you should not claim input tax. An assessment is likely, but is there a potential escape route?
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Tax cuts central to mini-Budget
The rumours ahead of the mini-Budget were all about tax-cutting measures, and the new Chancellor didn’t disappoint. What key changes were announced?
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How long do you really need to keep payroll records?
You’ve decided to have an office sort out and are keen to get rid of the company’s old payroll records. You’ve heard that you only need to keep three years’ worth - is this correct?
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What is the VAT treatment of free samples?
Your business is keen to boost sales of goods in retail stores, so you have decided to provide free samples to your customers with retail shops, and let them hold your goods on a sale or return basis. How do you deal with VAT in these situations?
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When does dwelling ownership begin for PRR purposes?
The First-tier Tribunal (FTT) recently had to decide if private residence relief (PRR) began when a couple moved into their home or when they bought the land on which it was built. This proved a surprisingly tricky question. What did the FTT decide?
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Writing off a loan to a company
A few years ago you lent your son's company money to help get the business off the ground. It’s now established, but it can’t afford to repay you. You decided to waive the loan but are there any tax consequences you need to be aware of?