Latest News
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Government seeks views on inheritance tax changes for trusts
The government has opened a consultation on aspects of the application of the £1m allowance for property settled into trust qualifying for 100% agricultural property relief or business property relief. What is this looking at and how do you take part?
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HMRC has no discretion to disapply interest
HMRC recently confirmed that all errors made on past returns that are separately disclosed will be subject to late payment interest, even if it has never lost funds. What does this mean for your business?
Newsletters
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Annual accounting: how are interest and late payment penalties calculated?
If you use the annual accounting scheme, you will submit one return each year instead of four or twelve. What are the potential traps if you don’t meet the scheme conditions?
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Is basis period reform really over and done with?
You heaved a sigh of relief after submitting your 2023/24 self-assessment tax return, especially as it meant the fiddly basis period calculations were behind you. But why might it be to your advantage to revisit them?
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Monthly Focus
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MONTHLY FOCUS: PROFIT EXTRACTION FOR 2024/25
The 2024/25 tax year has been a reprieve from the fiddly tinkering which has plagued profit extraction in recent years. There have been no in-year changes to NI rates or corporation tax rates etc. to deal with. As a result, you can focus on your remuneration strategy with more clarity. This is a welcome relief - especially as the 2024 Autumn Budget means 2025/26 will be a different story! This Monthly Focus will help you to form a profit extraction strategy that will keep more of your profit in your bank account and not HMRC’s.
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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.
Practical Guides
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The 10% problem with charitable legacies
In 2024, the First-tier Tribunal (FTT) gave judgment in a case where an estate attempted to access the reduced inheritance tax (IHT) rate which applies when funds are donated to charity. What were the problematic points and what can you learn from it?
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Year-end tax saving strategies
With the 2023/24 filing deadline out of the way, it’s time to focus on maximising efficiency ahead of the end of the 2024/25 tax year. What strategies are available to individuals and owner managers
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
Tax Rates
Calendar
* All dates are subject to possible adaptations