FAQ’s

FAQ’s

Q. One of my employees has died suddenly and I want to make a lump-sum payment to his family. Will this be tax deductible for my company and will the family be taxed on the payment? A. Any lump sum payment made in connection with the death of a serving employee is tax...
FAQ’s

FAQ’s

Q. I started a new business last year and have only just begun to make profits after a year of losses. Can I set the losses made in the first year against the profits made in the second year? A. Yes you can, but if your business is run as a sole-trader rather than...
FAQ’s

FAQ’s

Q. Can I treat my buy-to-let property as my main home so it is exempt from capital gains tax? A. You can only treat your buy-to-let property as your main home for capital gains tax purposes if you actually live in it for a period, so the property cannot be let out at...
FAQ’s

FAQ’s

Q. I deal in small electronic goods such as Sat Navs, CD-players and DVD players. I heard there was something in the Budget that could affect my business. Can you explain please? A. This is to do with special powers the VATman has to demand from you any unpaid VAT...
FAQ’s

FAQ’s

Q. I run a building company and need to take on a self-employed worker. He doesn’t have his own van and so I’ve offered to provide him with one as a van is needed for him to do the job. What’s the tax position on that? A. You need to be very careful...