Tax - Sole traders & partnerships

Recently added Tips & Advice

LOSSES - 07.07.2020

Tax-efficient incorporation of a loss-making business

You’re about to transfer your sole trader business to a company of which you’re the main director and shareholder. The business made losses in the last trading period before the transfer. How can you maximise tax relief for these?
Read more

CARS - 08.06.2020

Advisory fuel rates fall significantly

New rates. HMRC has updated its advisory fuel rates (AFRs) for company cars from 1 June 2020. The old rates (shown in brackets in the table below) can be used until 30 June 2020. To avoid a car fuel benefit charge, employers and employees can compensate each other at the appropriate AFR for the cost of fuel paid for by the other. Because there’s wide variation in fuel prices across the UK you may prefer to work out your own fuel rates. HMRC will accept these as long as they are reasonable ...
Read more

CORONAVIRUS - LOSSES - 30.04.2020

Tax break for owners of companies in trouble

Coronavirus is having a devastating effect on the trade of many companies which might result in closure or a negative balance sheet. What tax relief for these losses is available to the shareholders and when can they claim it?
Read more

NATIONAL MINIMUM WAGE - 30.04.2020

Are clients aware of the NMW rule changes?

The national minimum wage increases went ahead as planned in April 2020. However, the new rates aren’t the only thing to have changed. What else do you need to make your clients aware of?
Read more

CARS - 17.03.2020

New advisory fuel rates

New rates. HMRC has updated its advisory fuel rates (AFRs) for fuel costs for company cars from 1 March 2020. However, you can use the old rates (shown in brackets in the table below) until 31 March 2020. Employers and employees can compensate each other at the appropriate AFR for the cost of fuel paid for by the other party to avoid a car fuel benefit charge from arising (see The next step ). You can work out and use your own fuel consumption rates if you prefer. ...
Read more

PAYMENTS - 07.01.2020

Will HMRC write off your tax bill?

You’ve received a tax demand for £35 out of the blue. You don’t know how you’ve come to owe tax as PAYE applies to all your income. It seems a waste of your effort checking the figures for a relatively small amount. Should you just pay up?
Read more
Tax - Sole traders & partnerships

Most read Tips & Advice

CARS - 08.06.2020

Advisory fuel rates fall significantly

New rates. HMRC has updated its advisory fuel rates (AFRs) for company cars from 1 June 2020. The old rates (shown in brackets in the table below) can be used until 30 June 2020. To avoid a car fuel benefit charge, employers and employees can compensate each other at the appropriate AFR for the cost of fuel paid for by the other. Because there’s wide variation in fuel prices across the UK you may prefer to work out your own fuel rates. HMRC will accept these as long as they are reasonable ...
Read more

LOSSES - 07.07.2020

Tax-efficient incorporation of a loss-making business

You’re about to transfer your sole trader business to a company of which you’re the main director and shareholder. The business made losses in the last trading period before the transfer. How can you maximise tax relief for these?
Read more

Cookie policy