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October Question and Answer Corner
Newsletter issue - October 07.
Q. I'm selling part of my business, and the buyer has asked for the VAT records relating to purchases and sales made by that section. It would be difficult to separate out those records, so do I have to hand them over?
A. If the assets you are selling can be operated as a separate business the whole sale should be treated as a transfer of a going concern to avoid charging VAT on the sale, in which case you as the seller should hang on to the VAT records. The law was changed on this point for sales of businesses made from 1 September 2007. You need to provide the buyer with any information that may affect his VAT returns, such as details of assets under the capital goods scheme. Otherwise you should only hand over VAT records if you are also transferring your VAT number, but that is very unlikely with the sale of only part of your business.
Q. I have heard the state pension age has increased again. When will I get my state pension? I am a woman aged 42.
A. The state pension age, when you receive your state retirement pension, has already been aligned at 65 for both men and women who retire from 2020, but the Pensions Act 2007 has increased this age to 68. The change is applied in stages so if you are currently aged 42 you will get your state pension from age 66. There is an online calculator to help you work out your new state pension age on The Pension Service website at: http://www.thepensionservice.gov.uk/resourcecentre/statepensioncalc.asp
Q. Can I claim the cost of travelling to work against my taxable income?
A. If you are a permanent employee based at one site the cost of commuting to work is not tax deductible. However, if your work requires you to travel to different sites and you attend each site for a limited period or temporary purpose, and you do not attend one site for more than 40% of your time for more than 24 months, the cost of travel may be tax deductible. Strictly you should claim the cost of the travel from your employer, which may be your own company. The Taxman sometimes treats a large area as 'one site', so it is best to ask for special advice for your circumstances.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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