Latest Q & A
Offsetting losses for a limited liability partnership
I am starting trading as an LLP and expect to make a loss in the first year. I understand for partnerships this can be offset against any other income for three years previous (ICTA88/S380). Is this also applicable to LLPs?
Employing school-leavers
Are there currently any incentives paid by Government to employers for employing school-leavers or 'first jobbers'?
Deregistering for VAT
I have deregistered for VAT with a final liability of £700, and a closing stock of £3500. Does this reduce the liability? Also can you explain the for figures 'less than £1000 no vat is payable' wording. Does this refer to the £700 liability or the total sales?
Proportional costs for a home office
How do you work out proportional costs for combined business and residential premises? Are there any guidelines? I am a sole trader based at home and would like to claim back some business costs for electricity, etc.
Environmental grants
I have a small design and manufacturing company in London. I have invested heavily in an energy saving device, which is now ready to be sold, but would like an environmental grant to raise product awareness. Is there anything out there?
Transferring debts to your business
When incorporating an existing sole trader business, what happens to any existing loans from the owner of the business? Can they become a director's loan to the newly incorporated company?
Appealing against late tax return charges
If you have submitted two late tax returns (by three weeks in each case) and believe you have a legitimate reason, is there an appeal process for the charges incurred?
Deferring payment to HMRC
I am a self-employed furrier. My accountants have prepared my accounts and say that I will be required to pay the HMRC £13,000 in January 08. They also say I will have to pay 50 per cent of estimated profits for 2007 up front. Why? Can I do anything to defer this?
Becoming an employee again - tax issues
I have been self-employed since January 2007 and wish to work as an employee again. What do I need to do in terms of my tax status? Are there any other tax issues to address?
VAT on rental of space
I am a part-time medical acupuncturist with a turnover last year of just under £7,000. I rent a room in a GP surgery and they now wish me to pay VAT on the rental. Is this appropriate? if so, can I reclaim it?
Presenting your business
How can I maximise the possibility of getting funding when presenting my business to investors?
Claiming mobile phone expenses
What's the standard policy for mobile phones expenses. Can you claim back anything from the tax man for business mobile phone usage?
Trade finance
What is trade finance?
Changing company names and VAT
I am VAT registered and wish to change the name of the company. Can I do so and keep the same VAT number?
No permanent residential address
I am running a photography business from my yacht in the Caribbean. I do not have a permanent residential address. How can I best take money from my internet customers?
