Few businesses could ever have imagined, let alone made plans for, the potential impact of a massive epidemic such as the current coronavirus crisis. As accountants, we want to provide you with some practical steps that you can take. Keep in touch Keep in touch with your accountant. The sooner that they are made aware...

Jane has decided to turn her hobby into a business which she’ll run though a company. She bought stock and equipment for her hobby which will now be used for the business instead. Can it claim tax deductions for these costs? Brona MacDougall provides the answers. Pre-trading expenses You may already be aware that tax...

Claim VAT on a new house build? Q. My wife and I have just bought a plot of land. We intend to build a new house on the land and sell it. Can we register for VAT and claim input tax on our building costs? A. The answer is yes, but there are two important...

You’ve engaged the services of a non-executive director (NED) to bring specialist expertise to your company. She says she’s freelance and has asked for her fees to be paid free of tax and NI. Is that OK or do you run the risk of trouble with HMRC? Joanne Gibson looks at the implications. The role...

You’re selling your business and as part of the deal you’ll stay on in a managerial role for three years. You’ll then be paid an additional sum based on the profits made over that period. How should you structure the payment to avoid tax traps? Our Senior Tax Manager Brona MacDougall provides advice on the...

Is hiring golf clubs to a non-resident taxable? Q. We hire golf clubs to private individuals. A customer came into our shop last week and insisted that the fee for hiring a set of golf clubs for a week should not be subject to VAT because he is a US resident. He produced evidence of...

HMRC has recently published new guidance on the Structures and Buildings Allowance (SBA) following changes to the rules. This includes important information about how to claim it. What’s involved? John Craig discusses below. The 2018 Budget announced that businesses would be entitled to a new tax relief, the Structures and Buildings Allowance (SBA) would apply...

HMRC has announced that a £16m fund has been made available from which businesses can claim grants to cover certain costs associated with Brexit. On 31st October 2019 the UK will leave the European Union. Businesses will have to apply the same customs rules to goods moving between the EU and UK as they would...

Can we submit monthly VAT returns? Q. We struggle to pay our quarterly VAT returns on time because we use the VAT money for other business expenses before it becomes due. Would HMRC allow us to complete monthly returns to help our cash flow? A. Unfortunately not. A business can only submit monthly returns if...

Does the name on the invoice matter? Q. I am the finance director of a large company and have just discovered that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax...