Latest News
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New two-tier mileage rates for electric vehicles
The amount that employers can reimburse staff for business travel in company cars changes from 1 September 2025. What are the new rates, and why is this update different to previous ones?
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Tax trap when renting to relatives
Your cousin is in financial difficulties and has nowhere to live. One of the properties you let is vacant and you’ve offered it to him as a temporary home. You’ll only charge him a minimal rent. How might this negatively affect your tax position?
Newsletters
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VAT reduced on advance payment if customer cancels?
A subscriber to our newsletter wrote to us with a query. The business supplies a three-stage training course to students that fully pay (non-refundable) in advance for all three stages. If the students drop out before the end, can our subscriber partly reduce the VAT paid to HMRC on their return?
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HMRC scrutinising directors’ loans
HMRC has begun a new compliance campaign targeting company directors who owed their companies money. What’s the full story, and how should you respond?
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Monthly Focus
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MONTHLY FOCUS: MORE TAX-FREE BENEFITS TO CONSIDER FOR EMPLOYEES
Providing benefits that are exempt from income tax is a great way to reward employees in a tax-efficient way, especially given the recent rise in Employers' NI costs. In this Monthly Focus we look at some more ideas you can use as part of your remuneration planning.
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MONTHLY FOCUS: THE KEY TAX CONSIDERATIONS FOR A NEW BUSINESS
In this monthly focus, we take a look at the tax matters that affect new unincorporated businesses in the first year, including dealing with HMRC, the choice of accounting basis, deductible expenses, and dealing with losses.
Practical Guides
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What are the tax benefits of buying commercial property?
Following the abolition of the furnished holiday lettings regime, you are considering the tax advantages available for commercial property compared to residential property. What are the key factors?
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Does income lose its nature over time?
Following the inheritance tax announcements at the 2024 Autumn Budget, your mother is keen to take advantage of the exemption for gifts out of income to reduce the value of her estate, with a gift to her grandchild. Will this work, and could HMRC argue that gifts from accumulated savings are capital in nature?
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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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
Calendar
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