A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit...

If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to...

If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside...

Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The...

Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the...

In 2023, HMRC wrote to some taxpayers with property income asking them to check that the information provided in the property pages of...

The 'tax gap' is a phrase that has been around for almost twenty years and refers to the difference between HMRC’s expected tax revenue...

Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by...

A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether...

The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their...

The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some...

As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National...

The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or...

As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make...

We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and...

Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an...

People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working towards...

Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be...

Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC...

For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which...