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.
Are you looking for an accountant firm that is reliable, experienced and dedicated to providing you with the best service? Get in touch with us today.
Call our team
Email our team
Please fill in the form below with your contact details and a brief explanation of the services you’re looking for, and we will get back to you as soon as possible.
What services are you enquiring about?
Where did you hear from us?
What is the issue with your vehicle?
Can I get tax relief on school fees?
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.
Can I claim VAT on my vehicle?
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.
What can a company group structure do for me?
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.
What is the Domestic Reverse Charge for VAT?
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.
If I buy a second home, is there anything I should do now with regard to future Capital Gains Tax plaget any rnning?
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 18 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.
Go Proposal – Champions
Chartered Tax Advisors
We have parking available.
Tamen Accountants, 74 St. George's Road, Bolton, Lancashire, BL1 2DD