Tax - Sole traders & partnerships

Recently added Tips & Advice

P11D - 24.09.2020

Coronavirus pressures hits HMRC system

Realocation. The deadline for filing the annual Form P11D is 6 July each year. However, due to HMRC staff being reallocated to prioritise helping businesses with coronavirus support for much of mid-2020, a huge backlog has built up in other areas and departments. ...
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CORONAVIRUS - 22.09.2020

Coronavirus - tax fallout following a change in business

During the lockdown your business adapted to new markets to keep going. You’re not sure if the change is permanent or temporary. Either way, there could be important tax consequences. What do you need to know?
Read more

CARS - 22.09.2020

Advisory fuel rates updated

New rates. HMRC has updated its advisory fuel rates (AFRs) for company cars from 1 September 2020. The old rates (shown in brackets in the table below) can be used until 30 September 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 of 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. ...
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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?
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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 ...
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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?
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Tax - Sole traders & partnerships

Most read Tips & Advice

CARS - 22.09.2020

Advisory fuel rates updated

New rates. HMRC has updated its advisory fuel rates (AFRs) for company cars from 1 September 2020. The old rates (shown in brackets in the table below) can be used until 30 September 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 of 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 - 22.09.2020

Coronavirus - tax fallout following a change in business

During the lockdown your business adapted to new markets to keep going. You’re not sure if the change is permanent or temporary. Either way, there could be important tax consequences. What do you need to know?
Read more

P11D - 24.09.2020

Coronavirus pressures hits HMRC system

Realocation. The deadline for filing the annual Form P11D is 6 July each year. However, due to HMRC staff being reallocated to prioritise helping businesses with coronavirus support for much of mid-2020, a huge backlog has built up in other areas and departments. ...
Read more

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