Simple assessments

Simple assessments – What are they?   In the last few months, some taxpayers who possibly have had no dealings with HMRC previously have been receiving letters headed ‘Simple…

Contact from HMRC is it genuine?

Contact from HMRC – Is it genuine?  HMRC use a range of communication methods, as do fraudsters. Consequently, it can be difficult…

Hiring – Client Manager

Using the advisory fuel rates

HMRC publish mileage rates for petrol, LPG and diesel and electric cars. The rates are known as the advisory fuel rates and are updated quarterly with…

Cash basis for landlords

As for unincorporated trading businesses, the cash basis is the default basis of accounts preparation for landlords running an unincorporated property business. However, unlike…

Homeworking expenses

Relief for homeworking expenses  Where an employee works at home, they may incur additional household expenses as a result, such as additional…

Reclaiming the cost of statutory payments

Employers must make statutory payments to employees who meet the eligibility criteria. This includes statutory maternity pay (SMP), statutory paternity pay (SPP),…

What is an associated company?

Associated companies    Over time, companies may accumulate substantial cash reserves. Whilst funds are commonly extracted through salary, dividends or pension contributions, another possibility is…

Extracting profits as rent

Extracting profits as rent  Where a business is run through a personal or family company, the directors/shareholders will need to extract profits…

How to write off a director’s loan

In a personal or family company, there are often transactions between the company and the director(s). For example, the company may meet…