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Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.

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    Frequently asked questions

    Not directly. However, you could create a trust which would receive dividends. The dividend income would then be used to pay school fees. This type of planning is quite complicated and relies on you giving away some of your trading company to the trust. If you have grandchildren which you’d like to support in this way it may be worthwhile, as the tax savings are potentially significant.

    When you lease a vehicle, you can reclaim VAT on the monthly lease payments. When you buy a vehicle on Hire Purchase you can reclaim all of the VAT up front. Please note, VAT on cars is subject to a 50% restriction. You can only claim half of the VAT on cars. On vans you can reclaim all of the VAT.

    A group of companies exists when one company, normally called a “holding company” owns one or more subsidiary companies. The advantage of such a structure is normally ring-fencing of risk within trading subsidiaries, as well as the possibility of protecting surplus funds within a holding company. We are able to advise on the suitability and implementation of such a structure in appropriate cases.

    This measure was introduced on 1 March 2021 in an attempt by HMRC to prevent VAT fraud. Supplies are within the scope of DRC if the work is within the scope the CIS scheme, and the customer is not the end user.  For further guidance, see our downloadable guide on the DRC.

    You have 2 years from the date of acquisition of a second home to nominate it is your principle private residence (PPR). Currently the last 9 months of your ownership of a property which you have lived in as your “PPR” are exempt from Capital Gains Tax. Lettings relief is all but gone now, with only periods where you co-habited with your tenant qualifying for lettings relief.

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    Our address:

    Tamen Accountants,
    74 St. George's Road,
    Bolton, Lancashire,
    BL1 2DD