Newsletters
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Is it worth taking a salary from a new company?
An individual used their personal savings to fund a start-up. They expect it to take a year until it will be financially self-sufficient. They can’t see the point of taking a salary from the company until then, but might they be losing tax and other advantages?
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Taxpayer wins tribunal case involving “duality of purpose”
A taxpayer has successfully convinced the First-tier Tribunal that expenses that had both personal and business purposes could be partly deducted from their income. What was the full story and why is the decision important?
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Is a notional gain from exchange rate changes taxable?
The First-tier Tribunal has ruled on a case involving the sale of a holiday home in Switzerland. The dispute centred on how exchange rates affected the amount of gain taxable. Some important tax principles were covered in the ruling. What were they and how did they affect the outcome?
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When is the reverse charge needed on VAT returns?
The number of business transactions subject to the VAT reverse charge has increased in recent years, even more so after Brexit. How can businesses ensure they're getting the VAT returns right and that their suppliers dealing with it correctly?
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VAT and electric vehicle charging
A business owns several electric vehicles (EVs), which are used by employees for business purposes. Other employees own EVs and the company pays them a mileage rate for their business trips. How much input tax can the business claim on the costs?
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When are shareholders personally liable for tax on company gains?
A company shareholder is buying a holiday home abroad. They've been advised by a local agent to own the property through a company. But their accountant has warned that this can trigger UK capital gains tax anti-avoidance rules. What are these and when do they apply?