November Question and Answer Corner

Newsletter issue - November 07.

Q. I am about to sell a trailer that has been used by my VAT registered business for a few years. Do I have to add VAT to the price?

A. As your business is VAT registered you must add VAT to anything you sell, whether it's your regular services or assets that been used in the business. This applies whoever you sell the asset to.

Q. I have a joint savings account with my husband that pays about £1,000 in interest each year. We are both higher rate taxpayers, so does it matter which of us includes this interest on our tax return?

A. As a married couple you are deemed to receive an equal share of the interest, so half of the total amount should be included on each of your tax returns. Although the same tax overall would be paid if only one person returned all of the interest, that would not be the correct position. In this case the Taxman could demand tax, interest and penalties from the spouse who did not include their share of the bank interest on their tax return.

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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Booth & Co  |   The Hermitage  |   15a Shenfield Road  |   Brentwood  |   Essex  |   CM15 8AG        Telephone: 01277 224666    |   Email: info@boothandco.co.uk