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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VAT flat rate scheme tool
HMRC offers a simplified scheme for small businesses to work out and account for VAT. This can offer a financial and administrative advantage.
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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.
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
Latest News
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Could specific gifts from will trust be undone?
The First-tier Tribunal recently considered a case where the way a will trust was administered meant that the distribution of assets was significantly different to the deceased person's intentions. Could the transactions be recharacterised?
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Workaround for botched HMRC student loan repayment calculations
HMRC systems cannot differentiate between certain types of income which could lead to an overpayment of student loan deductions. What’s the solution?
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EIS and VCT extended for ten years
Two popular investment incentives offering a number of tax breaks were due to expire in 2025. However, the government has announced that they will be extended. What's the full story?
Newsletters
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If you owe tax for 2023/24 act now to avoid a fine
If you think you owe tax for 2023/24 and you haven’t told HMRC about it or been asked to complete a self-assessment tax return, you’re at risk of a tax penalty unless you take action now. What do you need to do?
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When can ADR be used to resolve a tax dispute?
Changes to HMRC’s alternative dispute resolution (ADR) procedure in recent years have made it more accessible. If you’ve reached an impasse in a dispute with HMRC, might ADR be the solution?
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Trade personal assets for tax-free cash from your business
You need some quick cash. You could take it as extra income from your company, alternatively it could lend it to you. The trouble is this can result in tax or NI bills for you and your business. How can you extract the cash more efficiently?
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Monthly Focus
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MONTHLY FOCUS: PLANNING FOR THE END OF THE FHL REGIME
If you let holiday accommodation, you are probably aware that the tax advantages for "furnished holiday lettings" (FHLs) are going to end in April 2025. This Monthly Focus covers all of the transitional rules and explains the tax consequences concisely. It also details a number of planning ideas you can consider using to mitigate the impact on your own position as an FHL landlord.
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MONTHLY FOCUS: COMMENCEMENT AND FORMING A VAT GROUP
VAT is complex. However, there are particular considerations in certain business situations. What special rules apply on commencement of a business, and when forming a VAT group?
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MONTHLY FOCUS: USEFUL VAT SCHEMES FOR BUILDERS
VAT reporting can be an administrative headache, especially for smaller businesses. However, there are a number of schemes that can help to simplify things. In this Monthly Focus, we look at these in the context of businesses in the construction industry.
Practical Guides
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Practical guide: is VAT penalty for "deliberate" behaviour justified?
HMRC has issued a “best judgement” assessment for underpaid VAT on past returns and also intends to charge a deliberate behaviour penalty. What is the burden of proof and how can you reduce the penalty or get it cancelled?
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Practical guide: sidestepping the OpRA rules
The optional remuneration arrangement (OpRA) rules have been around for several years. They aim to cancel the tax and NI advantages offered by salary sacrifice schemes. But how can employers still secure these advantages for their employees?
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Practical guide: P11D filing for 2023/24
You are preparing to file your company's P11D forms for the last tax year. What should you keep in mind, and why might a change in how you report taxable benefits be advantageous?