Latest News
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Tax return deadline - are you ready?
The deadline for submitting your self-assessment tax return on paper for 2023/24 is a few weeks away. If you can’t meet it, what steps can you take to escape a fine?
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Child Benefit claimants could be missing out on full state pension entitlement
If you claimed Child Benefit prior to May 2000 you may have missed out on valuable qualifying state pension years due to nuances in HMRC’s systems. How can you correct your NI record?
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Tribunal denies fishy business property relief claim
The First-tier Tribunal (FTT) has disallowed a claim for business property relief (BPR), despite the business in question being a long-established fishery. What went wrong?
Newsletters
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Is VAT due on fees you charge to late-paying customers?
Your business has experienced problems collecting money from certain customers so you will include late payment penalties and interest clauses in future contracts. How will these sources of income affect your VAT returns?
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Business incorporation - optimise relief for capital expenses
Your business has grown significantly and so you’ve decided to transfer it to a limited company. This will trigger special rules for recalculating capital allowances that could result in an extra tax cost. What steps can you take to avoid this trap?
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Reclaim higher rate SDLT online
HMRC has made it easier for anyone who pays the higher stamp duty land tax (SDLT) rate to claim a refund where the conditions are met. What’s the full story?
Monthly Focus
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MONTHLY FOCUS – EMPLOYER COMPLIANCE REVIEWS
HMRC carries out employer compliance reviews to ensure that employers and contactors are meeting their obligations in relation to PAYE and NI contributions. If a business receives notice that it is to undergo one of these, what can it expect?
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MONTHLY FOCUS: PLANNING FOR THE END OF THE FHL REGIME
If you let holiday accommodation, you are probably aware that the tax advantages for "furnished holiday lettings" (FHLs) are going to end in April 2025. This Monthly Focus covers all of the transitional rules and explains the tax consequences concisely. It also details a number of planning ideas you can consider using to mitigate the impact on your own position as an FHL landlord.
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MONTHLY FOCUS: COMMENCEMENT AND FORMING A VAT GROUP
VAT is complex. However, there are particular considerations in certain business situations. What special rules apply on commencement of a business, and when forming a VAT group?
Practical Guides
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Key points of new R&D merged scheme
The new government is going ahead with the withdrawal of the advantageous furnished holiday lettings (FHL) rules from April 2025. What’s happening, how will you be affected and what planning could you consider now?
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Practical guide: is VAT penalty for "deliberate" behaviour justified?
HMRC has issued a “best judgement” assessment for underpaid VAT on past returns and also intends to charge a deliberate behaviour penalty. What is the burden of proof and how can you reduce the penalty or get it cancelled?
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Practical guide: sidestepping the OpRA rules
The optional remuneration arrangement (OpRA) rules have been around for several years. They aim to cancel the tax and NI advantages offered by salary sacrifice schemes. But how can employers still secure these advantages for their employees?
Tools & Calculators
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Income tax calculator
The introduction of special tax allowances, rates and rate bands which interact differently depending on your level and type of income has made the calculation of income tax liability far from straightforward. Our calculator can be used to work out your income tax liability, and can be used where you receive any combination of earnings, savings income, dividends and most other types of income. It will also calculate any adjustment required to finance costs relating to letting income.
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VAT flat rate scheme tool
HMRC offers a simplified scheme for small businesses to work out and account for VAT. This can offer a financial and administrative advantage.
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Company car capital contribution calculator
A company car is taxed according to its list price. This can be reduced if you make a capital contribution towards the purchase of the car. This calculator shows you how much tax could be saved.
Tax Documents
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Alternative ways to challenge HMRC
After several months of trying to get your point across to HMRC you’re getting nowhere. Might a formal review help resolve the issue and how do you go about applying for one?
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Director's or employee's loan account record
Director’s loan account record A taxable benefit in kind may arise where a director is provided with a loan, either interest free or at a rate of interest below HMRC’s official rate (3% for 2016/17). Use this document to calculate what, if anything, you need to declare to HMRC. Make a note Where a cheap rate or interest-free loan is no more than
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Dividend waiver
A dividend waiver is a document produced by a sharelder to show that they have given up (waived) their right to one or more dividends that they would otherwise be entitled to. A waiver can be used in income tax and inheritance tax planning but it must be made as a deed or HMRC will not accept its validity.
Tax Rates
Calendar
* All dates are subject to possible adaptations