Tools and 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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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.
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VAT number checker
You are only entitled to reclaim VAT on purchases where the supplier is registered. When buying from a business for the first time it’s a sensible precaution to check that they have a genuine VAT registration.
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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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.
Tax Rates
Calendar
* All dates are subject to possible adaptations
Latest News
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Deadline for child benefit tax
Changes to the high income child benefit charge mean some couples will pay less tax. Others can also benefit but must take steps to do so. What’s required and when?
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New guidance on commuting expenses for hybrid workers
You probably know that you can’t claim tax relief for the expenses associated with travelling to your usual place of work. However, what is the position if you're a “hybrid” worker? The guidance on this has recently been updated for clarity, so what's the answer?
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Welsh government considering future of multiple dwellings relief
In last month’s Spring Budget, the UK government scrapped multiple dwellings relief. Now, the Welsh government is considering a similar move. What’s the full story?
Newsletters
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Can dividends ever be paid from loss-making company?
Dividends are generally the most tax-efficient form of income you can take from your company but they can only be paid out of profits. Despite this, might there be a way for your loss-making company to pay you a dividend?
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Tax deductions for health and safety costs
The Health and Safety Executive has sent you a bill for so-called intervention fees. Are you entitled to claim a tax deduction for these?
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Turning accumulated profits into gains to save tax
Business asset disposal relief (BADR) can reduce the rate of tax on capital gains. However, tricky conditions can mean that BADR is lost. How can you ensure that you don’t lose out?
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Monthly Focus
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SPECIAL FOCUS: TAX UPDATE AND 2024 SPRING BUDGET
The 2024/25 tax year is just days away. In this special Monthly Focus we look at the changes that you need to be aware of for the forthcoming year, as well as highlighting the key measures announced at the 2024 Spring Budget.
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MONTHLY FOCUS: CAPITAL GAINS TAX SAVINGS WITH SHARES
Capital gains tax, or CGT for short, applies to gains made on the disposal of chargeable assets. There are a number of tax reliefs available that you can take advantage of when planning your investments. In this Monthly Focus, we look at some of those that apply to shares.
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MONTHLY FOCUS: PROFIT EXTRACTION FOR 2023/24
With the January filing season out of the way, thoughts will soon turn to year-end planning, particularly for close company owner managers. In this Monthly Focus, we look at the position for 2023/24, incorporating changes made - including the NI cut from 6 January 2024.
Practical Guides
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Practical guide: are you ready for the cash basis by default?
Following a consultation, the cash basis is being simplified and will become the default basis of accounts preparation for unincorporated business from 6 April 2024. What are the implications of this decision for your business?
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Practical guide: do you need to apply the salaried member rules?
The main partner in your firm, a limited liability partnership (LLP) that provides investment management services, has asked whether one of its members meets the conditions of the salaried member rules. What are these rules, and what guidance does recent case law provide?
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Practical guide: using cheap loans to beat high street rates
HMRC’s official rate of interest, used for calculating the taxable amount on participator loans, is very low compared with high street rates. How can you use this to your advantage in a tax and NI-efficient way?