Question & Answer- May

Q. My company has been trading since 1 March 2013, but my first sales invoices haven't been paid yet, so there is no cash available to reimburse me for the expenses I've incurred personally. Do I have to complete a P11D for 2012/13?

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Question & Answer - December

Q. I registered as self-employed in 2005, but as I didn't have any income I ignored the tax returns the tax office sent me. When they demanded £1,000 tax for each year I got my act together and sent in the completed tax returns which showed no tax due. Now the Taxman won't cancel the tax demands issued for the years before 2008/09. What can I do?

Read more: Question & Answer - December

Question & Answer - November

Q. My business needs to move to smaller cheaper premises, but my current landlord wants me to pay a fee to surrender the property lease earlier than the next break point. Can I claim that lease-surrender payment as a business expense?

Read more: Question & Answer - November

Question & Answer - September

Q. I am employed by a charity that provides me with a Skoda Yeti car as my work involves transporting disabled people. I pay for all the petrol, but the charity reimburses me for work-related journeys at 15p per mile. This rate has not changed since June 2011, although the price of petrol has increased. Can I claim back any more of my petrol costs for work journeys from the Tax Office?

Read more: Question & Answer - September

Question & Answer - August

Q. Our company is owned jointly by myself and my wife, and we are both directors of the company. I do most of the work and draw a lot of funds out of the business, so my director's account with the company is often overdrawn. My wife has another paid position, so doesn't draw so much from the company. Her director's account with the company is always in credit. Can our two director's accounts be combined and set-off against each other for tax reporting requirements?

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Question and Answer - July

July Question and Answer Section top
Q. I'm worried about the Granny tax. Is this going to affect me? I'm aged 64 with an annual income of around £16,000.

Read more: Question and Answer - July

Integral Fixtures are you missing out?

Capital allowances are the way that the government gives tax relief on capital expenditure.  If you have a trading business then you would generally have an office, desks, computers etc and these items attract relief against trading profits.

Read more: Integral Fixtures are you missing out?

Question & Answer - June

Wadebridge Accountants, Statton and Co answer some monthly questions-

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Question & Answer - May

Wadebridge Chartered Accountants Statton & Co. answer some monthy questions:-

Read more: Question & Answer - May

HMRC Lose Important Holiday Let Case

The tax man has lost a key case that allows holiday let owners claim business property relief against inheritance tax.   

Read more: HMRC Lose Important Holiday Let Case

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