Working mums running out of annual leave
According to a poll of 36,000 working mums with primary school-aged children, nearly two-thirds don’t have enough childcare to cover the six-week school summer holiday period this year, increasing to three-quarters among single mothers. What are employers' options in being flexible towards them?
Can employers use the furlough scheme for self-isolating staff?
With news of increasing numbers of staff being contacted by NHS Test and Trace or being “pinged” by the NHS COVID-19 app, can employers use the Coronavirus Job Retention Scheme (CJRS) for staff who have to self-isolate?
Avoid missing out on relief from stamp duty land tax
The First-tier Tribunal was asked to decide if the purchase of a property qualified for multiple dwellings relief (MDR). It was a close call but the judgment went HMRC’s way. What can be learned from this case that might help ensure a successful claim?
Splitting a business: avoiding a HMRC headache
An individual trades as a car dealer and vehicle repairer and is keen to help his son start a new valeting business, which will trade on the same premises. Will HMRC treat this as part of the VAT-registered main business, and if so how can this be avoided?
MONTHLY FOCUS: DIVIDEND TAX AND PROFIT EXTRACTION FOR 2021/22
Many company owners will be hoping for a successful trading year following the havoc caused by the coronavirus in 2020. What profit extraction strategies should they be considering in 2021/22?
MONTHLY FOCUS: VAT AND THE FLAT RATE SCHEME
If a business wants to simplify its VAT reporting, why might the flat rate scheme be worth considering?
Practical guide: a guide to the new super-deduction
Budget 2021 introduced a new temporary super-deduction for capital expenditure. Set at 130% of the amounts incurred it certainly looks attractive, but what potential pitfalls should company owners be aware of before they make a claim?
PRACTICAL GUIDE: PRIVATE RESIDENCE RELIEF AND CASE LAW
HMRC is challenging more and more claims for private residence relief, particularly where there are multiple properties and it isn't obvious that there has been any actual occupation of the property sold. How can two recent tribunal cases help when making a claim?
Tools and Calculators
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.
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.
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.
A business plan can play a vital role in the success of any business - but what are its key constituents?
Everything from benchmark subsistence rates to VAT flat rate scheme percentages
Capital Taxes - CGT and IHT
ATED, CGT, IHT, HMRC interest rates, indexation allowance