MONTHLY FOCUS: VAT AND THE FLAT RATE SCHEME
If a business wants to simplify its VAT reporting, why might the flat rate scheme be worth considering?
MONTHLY FOCUS: IHT PLANNING WITH BUSINESS PROPERTY RELIEF
How can business property relief be used in IHT planning?
SPECIAL FOCUS – SPRING BUDGET 2021
What were the key announcements from the 2021 Budget?
PRACTICAL GUIDE: PRIVATE RESIDENCE RELIEF AND CASE LAW
HMRC is challenging more and more claims for private residence relief, particularly where there are multiple properties and it isn't obvious that there has been any actual occupation of the property sold. How can two recent tribunal cases help when making a claim?
Practical guide: Incorporating a property business
An individual with a significant property portfolio is considering incorporating their business. What are the key considerations and are there any traps to avoid or tax planning opportunities?
PRACTICAL GUIDE: WHAT HAPPENS TO COMPANY LOSSES UPON A SUCCESSION BY A NEW COMPANY?
A loss-making company is in the process of introducing new shareholders as part of a turnaround plan. The shareholders wish to start afresh and transfer the trade to a new company. Can the historic trading losses be transferred along with the trade?
Tools and Calculators
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.
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.
Directors' NI calculator
A special method applies to the calculation of directors' and their companies' NI on salary, bonuses, etc. HMRC also allows an alternative method, but where this is used a calculation should be made at the end of each tax year using the special method to ensure that the correct amount of NI has been paid.
Amending a personal tax return letter
You are entitled to amend entries on your personal self-assessment tax return within the “amendment window”. Where you completed and submitted your return electronically either using HMRC’s or commercial software, you can use it to make amendments. However, where you submitted a return in paper format you will need to write to HMRC with details of the corrections.
A business plan can play a vital role in the success of any business - but what are its key constituents?
Cars and car allowances policy
If you provide your employees with a car you can use a policy to set the detailed terms and conditions of its use. However, you must now provide the key information relating to benefits, including company cars, in the written statement of employment particulars, or employment contract, itself.
Everything from benchmark subsistence rates to VAT flat rate scheme percentages
Capital Taxes - CGT and IHT
ATED, CGT, IHT, HMRC interest rates, indexation allowance
All the corporate tax rates, charitable giving, returns and enquiries