CORONAVIRUS - CORPORATION TAX - 07.07.2020
Tax return following a delayed start to business
You formed a company in March with the intention of beginning trade immediately. However, this was delayed because of coronavirus. Do you need to notify HMRC and what effect will the delay have on the company’s tax returns?
CORONAVIRUS - VAT - 07.07.2020
VAT trap for private use of company vehicles
In the last few months there’s been little work for two of your employees but they’ve continued to have use of their company vans, including for personal journeys. Does this affect what you need to report on your next VAT return?
EXPENSES - 07.07.2020
More news on homeworking expenses
Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...
LOSSES - 07.07.2020
Tax-efficient incorporation of a loss-making business
You’re about to transfer your sole trader business to a company of which you’re the main director and shareholder. The business made losses in the last trading period before the transfer. How can you maximise tax relief for these?
CAPITAL GAINS TAX - 07.07.2020
Inherited assets - who’s liable for capital gains tax?
One of our subscribers is the executor of her mother’s estate. She left some valuable items to her and her sister. She wants to sell several of these to pay debts of the estate. Will there be any tax and if so who’s responsible for it?
REMUNERATION PLANNING - 07.07.2020
Restarting salary from your company
You’ve not drawn salary from your company for the last three months because its income was significantly reduced. It’s now improving and you’re restarting your salary next month. Is it worth paying yourself the arrears?