Setting up as a sole trader
When starting a business, there are a number of ways in which this can be done. Options include operating as a sole trader, forming a
Overdrawn director’s loan account – must your company pay tax on the balance?
In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may withdraw money from the
Restarting child benefit claims
Many parents who fell within the ambit of the High Income Child Benefit Charge (HICBC) opted not to receive child benefit, rather than to receive
Realistic scam letters – how to check if a letter purporting to be from HMRC is genuine
Scammers are becoming increasingly adept at fooling people and a favoured tactic is a letter, a text or an email purporting to be from HMRC,
Making a voluntary disclosure if you have not told HMRC about tax that you owe
There are various reasons why a person may not have told HMRC about the tax that they owe, ranging from a simple oversight to the
Tax implications of building an office for home working
Following the pandemic, flexible working hours are on the increase. This shift has provided employees with the legal right to request flexible working from the
Tax planning for trading losses
A sole trader or partnership business may make a loss for several reasons – not necessarily because it is not doing well. A business can
Are professional fees tax deductible?
The answer to this question depends on what type of professional fees have been incurred. Professional fees are income and corporation tax deductible if incurred
Should you dispose of old documents?
Over the past few years, tax enquiries aimed at identifying and correcting errors or deliberate under-reporting in tax returns have increased. HMRC generates substantial revenue
The company makes a loss – can a dividend be paid?
Anyone who invests in a company is taking a chance, hoping that the directors, as representatives of the company, will use the money to increase
Be aware of VAT bad debt relief
Despite the improving economy, bad debts are still a fact of life for many businesses. HMRC is aware that not all invoices are paid on
Making student loan repayments through Self Assessment
There are three ways in which former students with student or post-graduate loans can make loan repayments: • from deduction from their