Business Doctor: My company has been struck off

27.03.17 / Insight posted in The Sunday Times Business Doctor

EF writes: I have just discovered that my company was struck off the Companies House register nearly 12 months ago because it did not file accounts on time. I have continued to trade and my company bank account has operated as normal. What can I do to correct this? Once a company is struck off,…

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Business Doctor: Can we claim tax relief on R&D?

13.02.17 / Insight posted in The Sunday Times Business Doctor

AS writes: We recently developed some internal technology to enhance our customer offering. The total cost was £150,000. How should we account for this expense and is there any tax relief available? Internally developed technology is becoming increasingly common as businesses move towards a more digital world, writes Jamie Sherman, partner at Kingston Smith LLP. Companies…

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Business Doctor: Employee quits, owing us money

06.02.17 / Insight posted in The Sunday Times Business Doctor

TL writes: My company gave an employee a loan to help towards buying a car but he has just resigned. There is a considerable amount still outstanding and I’m not sure how best to recover it, as he has been a loyal member of my team. Can he work a notice period in lieu of the…

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Business Doctor: Can I change filed accounts?

30.01.17 / Insight posted in The Sunday Times Business Doctor

DJ writes: I have just filed my company accounts and corporation tax return for 2016 and I was overdrawn on my director’s loan account. I have since identified about £15,000 of expenses I paid on behalf of the company. Can I amend my corporation tax return to reduce my payment? The filing of amended accounts…

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Business Doctor: I want to change debt into shares

23.01.17 / Insight posted in The Sunday Times Business Doctor

SW writes: I took a £10,000 loan from my brother to start my company but have been unable to repay the debt. I am now struggling to obtain additional investment from third parties until it is settled. Can I convert the loan to shares? Converting an existing loan to share capital can improve a company’s…

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Business Doctor: Tax issues on a secondment

17.01.17 / Insight posted in The Sunday Times Business Doctor

M writes: My company has offices around the UK. We have asked a staff member to move to another city for a 12-month project. We want to cover their regular journeys home, plus rental costs. Can we do this without triggering a large tax bill? Must we pay rent directly? This is not uncommon as…

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Business Doctor: Will the taxman unwrap my gifts?

19.12.16 / Insight posted in The Sunday Times Business Doctor

DT writes: I run a recruitment business and want to buy a Christmas gift for my key clients and each of my employees, in recognition of their loyalty this year. Is there an additional tax cost I should consider? The tax treatment will depend on the type of gift and its value, writes Jon Dawson,…

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Business Doctor: We reinvest profits but our tax is rising

13.12.16 / Insight posted in The Sunday Times Business Doctor

TP writes: My business partner and I operate a traditional partnership but a lot of our profits are reinvested. We have noticed our personal tax liabilities are rising but we are not taking out anywhere near that level of income. Is there any way to defer our income tax to recognise the reinvestment? To align…

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Business Doctor: Shareholder has not paid

28.11.16 / Insight posted in The Sunday Times Business Doctor

PT writes: I am a shareholder in a company and have recently had to become more involved in operations and administration. During my review of the business, I have identified that someone has been issued shares but has not yet paid the full consideration. What can I do to rectify this? Usually, shares would be…

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Business Doctor: Beware imitations of business names

07.11.16 / Insight posted in The Sunday Times Business Doctor

EP writes: I have a number of operations trading under different business names, but account for them all through one limited company. What can I do to ensure no one else starts using the same names? You can take legal action to protect brands if you can demonstrate someone is passing themselves off as your…

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