The Business Doctor: Cash flow


Take control of your cash flow to ride out the Coronavirus shockwave How can you be confident you’re making the right choices now when you don’t know what lies ahead? By making sure you put up-to-date and accurate information at the heart of your decision-making processes. Get your forecasting right If you haven’t in the…


Business Doctor: My company has been struck off


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,…


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


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…


Business Doctor: Employee quits, owing us money


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…


Business Doctor: Can I change filed accounts?


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…


Business Doctor: I want to change debt into shares


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…


Business Doctor: Tax issues on a secondment


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…


Business Doctor: Will the taxman unwrap my gifts?


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,…


Business Doctor: We reinvest profits but our tax is rising


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…


Business Doctor: Shareholder has not paid


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…