Latest News
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Budget 2024: looking behind the speech
The Budget included headline-grabbing tax changes but others were buried in the fine print. What were they and how might they affect you?
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HMRC launches MTD ITSA toolkit
HMRC has launched a new online tool to help taxpayers determine whether they need to use Making Tax Digital for Income Tax. What is it and how can you use it?
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Proof of employment expenses now required
HMRC now insists on evidence of employee expenses claimed through PAYE. What records do you need to keep?
Newsletters
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Employers' NI rate hike: mitigating the extra cost
The news that employers' NI is to increase next year was all but known before last week's Budget. However, there were some unexpected "ifs" and "buts" to consider too. What's the full story?
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Small businesses braced for extra capital gains tax burden
The 2024 Autumn Budget included a number of capital gains tax (CGT) announcements, including increases to the main rates. But why will small business owners be feeling particularly targeted?
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2024 Autumn Budget: the highlights
Today we had the first Labour budget since 2010. What are the key takeaways?
Monthly Focus
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SPECIAL FOCUS – 2024 AUTUMN BUDGET
The first Labour budget speech since 2010 took place on 30 October 2024, with a headline figure of £40 billion in tax rises. In this special Monthly Focus we summarise all of the key announcements.
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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.
Practical Guides
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Is your FHL business “trading” ahead of April 2025?
As the furnished holiday lettings (FHL) regime is being repealed next year, many landlords are seeking advice as to whether their business may be a trade and so continue to enjoy the benefits attributable to FHLs. What’s the position here?
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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?
Tools and 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