Calculating adjusted net income and why it matters
Adjusted net income is a key measure of income for tax purposes. It is total taxable income before taking account of any personal allowances and …
Dealing with a Simple Assessment letter
Simple Assessment is used by HMRC to collect tax underpayments from taxpayers with straightforward tax affairs. It removes the need for the taxpayer to complete …
When do you need to register for VAT and how do you do it?
If you are running a business, regardless of whether you operate as a sole trader, in partnership or the business is run as a limited …
Making a loan from a personal company to a family member
There are many possible situations in which a person may make a loan to a family member, for example, a parent may lend money to …
Capital allowances for cars
Cars are a special case when it comes to capital allowances. While capital allowances may be claimed on cars used in a business, partners and …
UK and overseas property businesses
Profits arising from land or property are treated as arising from a property business. For tax purposes, profits from land and property in the UK …
Jointly owned holiday lets – Should you make a Form 17 election?
The favourable tax regime for furnished holiday lettings (FHLs) came to an end on 5 April 2025. For 2025/26 and later tax years, furnished holiday …
Enjoy £1,000 of property income tax-free
The property allowance enables individuals to enjoy property income of up to £1,000 each tax year free of tax and without the need to report …
The benefits or otherwise of voluntary VAT registration
Many businesses strive to keep their turnover under the VAT registration limit (currently £90,000) because not only are they wary of the additional administrative costs …
Calculating a director’s National Insurance contributions
For most employees, director’s National Insurance contributions (NIC) earnings periods are calculated based on their regular pay intervals. In contrast, all directors have an annual …
Is it worth making a formal complaint about HMRC? The role of the Adjudicator’s Office Â
For many of HMRC’s ‘customers’ who have spent more than 30 minutes trying to get through on the phone, the thought of making a formal …
Five tax-free health and welfare benefits
Employers are able to provide employees with a range of health and welfare benefits without giving rise to a tax charge under the benefits in …
