Latest News
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New online service for voluntary contributions goes live
If you have gaps in your NI history, you can pay voluntary contributions to increase your entitlement to certain benefits, e.g. the state pension. You can now do this online. How do you access the new service?
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Deadline for child benefit tax
Changes to the high income child benefit charge mean some couples will pay less tax. Others can also benefit but must take steps to do so. What’s required and when?
Newsletters
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Investing in woodlands - what are your options?
Investing in woodlands comes with several tax breaks. To make the most of these should you invest personally or through a company?
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Can dividends ever be paid from loss-making company?
Dividends are generally the most tax-efficient form of income you can take from your company but they can only be paid out of profits. Despite this, might there be a way for your loss-making company to pay you a dividend?
Monthly Focus
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MONTHLY FOCUS: SECONDARY INCOMES
In 2023 it was revealed that HMRC would enjoy new data-sharing information from online selling platforms from 1 January 2024, including eBay, Etsy, etc. This led to media speculation that innocent people selling second-hand items would soon be hearing from a tax inspector. In this monthly focus, we look at the tax consequences of starting a small trade, or taking a second job.
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SPECIAL FOCUS: TAX UPDATE AND 2024 SPRING BUDGET
The 2024/25 tax year is just days away. In this special Monthly Focus we look at the changes that you need to be aware of for the forthcoming year, as well as highlighting the key measures announced at the 2024 Spring Budget.
Practical Guides
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Practical guide: are you ready for the cash basis by default?
Following a consultation, the cash basis is being simplified and will become the default basis of accounts preparation for unincorporated business from 6 April 2024. What are the implications of this decision for your business?
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Practical guide: do you need to apply the salaried member rules?
The main partner in your firm, a limited liability partnership (LLP) that provides investment management services, has asked whether one of its members meets the conditions of the salaried member rules. What are these rules, and what guidance does recent case law provide?
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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Business incorporation calculator
Where you run a business as a sole trader it might save tax and NI if you transfer it to a company. However, doing so has immediate and long term tax consequences.
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