Latest Tax and vat Questions & Answers
Can I classify a holiday home as a small business?
I own three holiday properties. Can these be placed under the umbrella of a 'small business' or European small business? Are there any specific requirements and what advantages would it bring, such as tax, inheritance tax, or Capital Gains Tax on sale of assets?
Deregistering for VAT
I registered for VAT voluntarily when setting up my business and would like to deregister as it is highly unlikely my turnover will exceed £75,000, I have stock at the moment of around £3,500 in cost value. What are the implications of this?
Salesperson trying to limit tax
I have a successful salesperson trying to limit tax. He wants me to reduce his PAYE outgoings by either paying (a) half of his salary to his wife or (b) setting up a company so that his sales commission is paid into that company. Can this be done?
Hiring a friend as director
I want to hire a friend as director to help me in my business for no salary. He is working for another company. How can we can do it so his obligations (Tax, NI, SSP) and benefits (pensions) as an employee at his current job will not change?
What can I claim as a mileage allowance?
I have a limited, VAT-registered company. The car I use is my own. What am I allowed to claim as a mileage allowance and what are the VAT implications?
How can I reduce corporation tax?
My company is doing well and it looks like we 'll enjoy a profit of £450,000 for our financial year. This will result in a significant corporation tax bill. Is there any way that this can be reduced legitimately?
Can capital from solar panels be part-offset against profits?
If I were to use my home as part business and install solar panels, can the capital be part-offset against profits and if so, how?
What income tax am I due to pay?
I plan to sell my share of the business to my business partner. Financial year end is 31/12/2011. What income tax am I due to pay personally and when?
Would I be liable to pay business council tax?
If I worked from home in a spare bedroom on a computer trading foreign exchange virtually and there would be no visitors to my home, no deliveries, and no post to do with the work as statements sent via email, would I be liable to pay business council tax?
Trading with newly-VAT registered businesses
As a newly-registered VAT business am I risking extended verification/reclaim refusal if I trade with another newly-registered VAT business?
Tax and the sale of your home
If we claim for tax relief for working from home, when we come to sell the property will we be taxed on the profit we make from the house sale?
Business expenses claimable against Income Tax
I am a sole-trader who has been trading for 3 years. I currently have rented office space, however I am in the process of extending my home to provide me with the facilities to work there instead. What build / equipment costs, if any, can I write off against tax?
Charging VAT on purchases
I am thinking of putting a small seating area in my sandwich takeaway shop for customers to eat their purchases inside. Will I have to charge VAT on their purchases?
Tax advantages on business premises
Are there any tax advantages when considering whether to rent or buy premises please?
Tax deductible expenses for home-based businesses
How much can I claim as tax deductible if I am operating my business from home?
