If you have use of a company car for private travel you’ll have to pay tax for the privilege. Plus, there’s a further tax bill if the business pays for your fuel for private journeys. What’s changing with these tax charges in April 2020? Brona MacDougall finds out. Cars and car fuel Company cars are...

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...

Your long-term plan is for your children to take over the family company but they are far too young at the moment. Nevertheless, is it worth giving them shares in the business now as a tax-saving measure? Brona MacDougall advises. For almost as long as income tax has existed, parents have tried different ways to...

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...

Last tax year you started letting a property as a holiday let. The trouble is that to qualify for the special tax breaks it must be let for 105 days in the tax year and you didn’t reach this figure. Is there a way around this rule? Brona MacDougall takes a closer look. You may...

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...

Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when you’re required to report and pay capital gains tax. What’s the full story? Brona MacDougall finds out. Current CGT deadlines Currently, capital gains made by individuals are reported...

New capital gains tax rules could cost accidental landlords thousands of pounds when they sell their former home in changes that were confirmed by HMRC. The new rules could affect over half a million landlords when they come to sell, Brona MacDougall takes a closer look at the details and the implications. Measures announced earlier...