Latest News
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Self-employed set for penalty reprieve
Over 1m people missed the 31 January filing deadline last week and will shortly be receiving automatic £100 penalties as a result. However, HMRC has announced that the penalty won’t be enforced for the self-employed - but only in limited circumstances. Are you eligible?
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Court of Appeal shuns Upper Tribunal’s interpretation of salaried members rules
The Court of Appeal has sided with HMRC regarding the definition of “significant influence” in respect of the salaried members rules. What happened and what does this mean for members of limited liability partnerships (LLPs)?
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Chancellor set to tone down non-dom reform?
Domicile will no longer be a relevant factor in an individual’s tax status from April 2025. However, reports are suggesting that the Chancellor is going to soften the blow for those affected. What’s going on?
Newsletters
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Can you claw back enhanced maternity/adoption pay?
If you agree to pay more than the statutory minimum during maternity/adoption leave, can you ask an employee to sign an agreement under which they agree to pay back the enhancement in certain circumstances?
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Can you ban second jobs?
South Cambridgeshire District Council launched a four-day working week trial in 2023, but it has now transpired that 16% of employees have taken on other paid work during their extra day off (although some of these already had second jobs before the trial). Can you ban employees from taking on second jobs?
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Are employer pension contributions still worth it?
Does the potential inheritance tax (IHT) charge on pensions that will apply from April 2027 mean that employer pension contributions are a tax break of the past, or are they still a winner?
Monthly Focus
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MONTHLY FOCUS: INTRODUCING MAKING TAX DIGITAL FOR INCOME TAX SELF ASSESSMENT (MTD ITSA)
The move to MTD ITSA involves many changes regarding digital record keeping, plus new reporting and admin requirements for all businesses to which it applies. This month's focus guides you through what to expect from MTD ITSA and how to tackle the issues it will throw up.
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MONTHLY FOCUS: RESEARCH AND DEVELOPMENT TAX CREDITS
Corporation tax incentives for expenditure on qualifying research and development (R&D) have been very generous historically, particularly for small and medium enterprises (SMEs). However, the rules are complex and have been subject to a multitude of changes in recent years. In this Monthly Focus we will look at the way relief for SMEs is accessed, especially with the 2024 introduction of a "merged" scheme.
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MONTHLY FOCUS: CORPORATION TAX AND TRADING LOSSES
The ongoing high levels of running costs mean that more companies have (or will be) reporting trading losses. How can these be relieved efficiently and when may losses be restricted?
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