Latest News
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Loan written off: are you in HMRC’s crosshairs?
HMRC is writing to directors that took a loan from their company that was later written off or released. What should you do if you receive a letter?
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Meaning of “new and unused” clarified for CAs purposes
The guidance on what “new and unused” means for the purposes of first-year allowances has been updated in order to make things clearer. What’s the full story?
Newsletters
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Delay salary to save tax
As a company owner manager, you decide when to take income from your business. If that’s your only source of income, tax planning is relatively simple but it’s trickier if you have other sources. What’s the best strategy to improve tax efficiency?
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Cutting the cost of a company car
You want to help your young son replace the ancient car he currently drives. The plan is for your company to buy it but for the running costs to be met by your son. That’s fine with him but is there a more tax and cost-effective alternative?
Monthly Focus
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MONTHLY FOCUS: INTRODUCING R35
The rules known as IR35 are complicated in practice. In this Monthy Focus, we introduce the rules and explain the contractual factors HMRC will look at when considering whether they apply to a particular engagement.
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MONTHLY FOCUS: CGT RELIEF FOR SHARE DISPOSALS
Business asset disposal relief is available where businesses are sold, but can also apply to the disposal of company shares and, in some circumstances, assets used by the company. What are the rules?
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 & 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 Calendar
* All dates are subject to possible adaptations