EXPENSES - 02.12.2020
Is gym membership tax deductible?
A colleague told you that a recent ruling by a Tribunal means that you might be entitled to claim a tax deduction for your gym membership. This contradicts HMRC’s long-standing guidance. Who is right?
CAPITAL ALLOWANCES - 02.12.2020
Uncovering unclaimed capital allowances
This year’s accounts are on target to show a profit despite the effect of coronavirus. However, cash flow is poor and you’re looking for ways to reduce your company’s tax bill. Might unclaimed capital allowances help?
VAT - 02.12.2020
Sharing staff costs VAT efficiently
You have two businesses, one run by your company (VAT registered), the other as a sole trader (not VAT registered). Employees of the company also work for the other business. Can you share staff costs between the businesses without incurring VAT?
CAPITAL GAINS TAX - ANTI-AVOIDANCE - 02.12.2020
Anti-avoidance - winding up and starting over
Our subscriber plans to wind up his existing business and use the proceeds to set up a new one, which would carry on a similar trade. Will the anti-avoidance rules prevent him from claiming business asset disposal relief?
PARTNERSHIPS - INCOME SPLITTING - 02.12.2020
Make your spouse a business partner to save tax
Over the last few months you’ve supplemented income from your company by doing freelance work. It’s become a lucrative sideline. Naturally, there will be tax to pay but can you reduce it by splitting income with your spouse?
BENEFITS - 02.12.2020
Tax exemption for a virtual Christmas party?
Like other employers you might be considering an alternative to a staff Christmas party. There’s a diverse range of ideas for online get-togethers but if there’s a cost in providing the event will it count as a taxable benefit for your employees?