How would CGT be calculated on an overseas property sale for someone who is a recent resident (year 2022) in the UK but the property has been owned for over 2 decades (year 2000). Will the deemed value of the property in 2022 (when I gained residency) against value in 2024 be applicable to calculate the gains or will the original purchase price in a 2000 minus the sale price in 2024 be considered for computing the gains? Logically the property had appreciated quite a lot in those 20 years... Read more ..read more

Hi there, I have a question I'd really appreciate some guidance on by those in the know on the forum. I run a small (very modest profit making) computer supplies company and am also a sole trader consultant (very modest loss making), both businesses are vat registered. I'm trying to purchase a car, entirely for business use, however am very unsure of the most cost effective way of doing this. The vehicle in question is a petrol car with c02 of beyond 50g/km expected to cost about 80k, my... Read more ..read more

Hey everyone, Apologies if this has been gone over hundreds of times elsewhere- I did attempt to search. Currently: We pay me, as the sole director, via PAYE, and one other employee. I am curious if it's considered a good practice to ONLY pay myself up to my tax-free allowance with PAYE, and then pay myself in dividends? I understand the criteria for paying dividends. Why? I can't be sure (hence this post) but it feels like we would save on taxes. Yes, there would be... Read more ..read more

Just some basic SIPP questions: I've not yet started a pension and am thinking of starting a SERP. 1. How much can my ltd company put into my SERP for me? I'm currently paying myself a basic salary of £10k pa. I think I read somewhere it could put in 3 years to start it off? If so odes that mean my business can pay in £30k this tax year, and then up to £10k each following tax year? 2. How much can I personally put into my SERP on top of whatever my business pays in? Thank you for any replies ..read more

Hi all. I’ve got another thread open trying to sort out my business but rather than confusing that issue, I thought I would start a new thread as it should be straight forward and help me out loads. So, I have a DLA that is overdrawn by £24k. I am due to pay £8.2k in tax on the amount in a few months. If I pay back £8k into the company before the due date then am I right in saying that the company will stay pay the tax at a lower amount (DLA becomes £16k overdrawn instead of £24k)... Read more ..read more

Company A ltd and company b ltd have the same directors and share commercial facilities and machinery, however the products sold by each company although similar are not interchangeable and sold to different sectors within construction. As an example, imagine one specialised in hammers, the other is axes. Technically both tools but used in very different environments. Will the associated company rules affect CT position ..read more

Hi, I run a small building company which went incorporated 5 years ago. 2023 was a difficult one & the first quarter of 2024 was been too. Essentially we’ve got more money going out than coming in. £11,000 shortfall from 1st Jan 23 to 30th April 24 Things are getting better now, those monthly deficits are balancing out but of course I now need to make up that 11k, most of which is owed to myself & a couple of suppliers. If anyone has any advice on stopping this happening again, ways of... Read more ..read more

Hi, looking for some advice. I’m in an unregulated sector…a client has asked for a refund as they no longer want to go ahead with the service which is fine. However, I’ve asked for the bank details to refund and I’ve been given personal not business details. Additionally, they’ve now asked me to refund it to someone else to offset what they owe them ( a business mentor). I know I need to refund the amount back to the original person/business. But can anyone point me in the direction of the... Read more ..read more

Hi, I have started a new company and will soon be VAT registered and would like to claim VAT back on all the equipment and other business expenses but I am unsure if I can do this within the first 3 months if trade/sales have been low. What is the maximum amount allowed to claim back for VAT paid by my business? The equipment and stock is over £100k ..read more

I am a shareholder in a family business which was established by my father, on his death the shares in the company were left to his 4 children myself, my 2 sisters and our brother with our brother holding the most shares and some of the girls shares which are held in trust. The trustees are our brother, our mum (now has Alzheimer’s) and a solicitor. This set up giveaways our brother controlling interest in the business. The business has been struggling since 2016, and our brother fails to... Read more ..read more