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Working from home

Working from home

If you receive no compensation from your employer, you can still claim tax relief for certain costs that arise when working from home. HMRC will usually allow you to claim tax relief if you use your

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Still time to claim super-deduction

Still time to claim super-deduction

There is still time to claim the super-deduction allowance that offers 130% first-year tax relief. The deduction is available to companies until March 2023. The super-deduction is designed to help

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Farming – using the herd basis

Farming – using the herd basis

There are special rules which can apply to farmers and market gardeners that prepare their accounts on accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses

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Overdrawn director’s loan account

Overdrawn director’s loan account

An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for

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CGT Rollover Relief

CGT Rollover Relief

Business Asset Rollover Relief, usually referred to as ‘rollover relief’, is a valuable relief that allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of

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Help for Households campaign

Help for Households campaign

The new Chancellor, Nadhim Zahawi, has visited a school holiday club in London where he committed to continuing to help families with increases in the cost of living. The visit shone a light on the

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Retaining tax return records

Retaining tax return records

There are no set rules for the way in which you keep your tax records, but they are usually evidenced on paper, digitally or as part of a software program.

If you are keeping records used to complete

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Incorporation relief

Incorporation relief

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business

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IHT Business Relief

IHT Business Relief

There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate of someone who has died. One of these reliefs is known as IHT Business Relief and

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Claiming Employment Allowance

Claiming Employment Allowance

The Employment Allowance reduces an employer’s NIC liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers or eliminates their total Class 1 NIC bill.

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VAT and food supplies

VAT and food supplies

HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice includes many examples of different food categories. The notice covers some general

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Definitions of connected persons

Definitions of connected persons

The definition of a connected person for tax purposes can be complex and varies depending on the circumstances at hand. A statutory definition of “connected persons” for Capital Gains Tax

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Employee ownership and involvement

Employee ownership and involvement

There are many ways that employees can own a stake in their employer’s company. However, employee ownership usually refers to a situation where all employees of a business have a ‘significant and

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Contacting HMRC by email

Contacting HMRC by email

HMRC has published a new guidance titled ‘Corresponding with HMRC by email’. The guidance was published on 9 August 2022 and explains some of the risk factors associated with contacting HMRC in this

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VAT Flat Rate Scheme

VAT Flat Rate Scheme

The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is

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