Latest News
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HMRC expands agent-related services
HMRC has written to the CIOT to confirm updates to the services provided on the Agent Dedicated Line. What’s changed?
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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?
Newsletters
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ITSA refund security checks
You’re due an income tax refund of £1,200 from your 2022/23 tax return which you filed in December 2023. Unbelievably, the refund is still held up by HMRC’s security checks. How can you speed up the repayment?
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Boost your family’s pension fund tax efficiently
Your spouse hasn’t paid into her pension fund since giving up work to have children. You’ve been told that you can pay contributions on her behalf. As a company owner manager, is it more tax efficient for you or your company to make the payment?
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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.
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?
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