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?
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Latest advisory fuel rates for company cars
The amount that employers can reimburse staff for business travel in company cars changes from 1 March 2025. What are the new rates?
Newsletters
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Reduce tax on gains with EIS incentives
You recently made a capital gain on which you’ll have to pay tax. You’ve been told that if you invest in an enterprise investment scheme (EIS), you can defer the capital gains tax, but might it also reduce what you have to pay?
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Grab your electric van grant while you can
One benefit that’s managed to avoid the chop relates to electric vehicles. What’s available and how might it help if you’re in the market for a new commercial vehicle?
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Should you apportion input tax on commercial vehicles?
Your business has purchased a commercial vehicle to transport goods to your customers but there will be some private use at weekends. Must you apportion input tax on the purchase price and ongoing costs to reflect the private use?
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.
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MONTHLY FOCUS: RESEARCH AND DEVELOPMENT TAX CREDITS
Corporation tax incentives for expenditure on qualifying research and development (R&D) have been very generous historically, particularly for small and medium enterprises (SMEs). However, the rules are complex and have been subject to a multitude of changes in recent years. In this Monthly Focus we will look at the way relief for SMEs is accessed, especially with the 2024 introduction of a "merged" scheme.
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
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IHT opportunities for non-domiciles from 2025
The 2024 Autumn Budget saw confirmation of the intricacies of inheritance tax (IHT) reform which will be based on residence from April 2025. Who are the winners and losers and what action should you be taking if you're affected??
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
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Dividend waiver
A dividend waiver is a document produced by a sharelder to show that they have given up (waived) their right to one or more dividends that they would otherwise be entitled to. A waiver can be used in income tax and inheritance tax planning but it must be made as a deed or HMRC will not accept its validity.
Tax Rates
Calendar
* All dates are subject to possible adaptations