Resources

To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window.     

A lot of time and paperwork can be saved by claiming expenses using the simplified rates    

The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free.

HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns.

Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have been payrolled or included within a PAYE Settlement Agreement.

Broadly, their treatment will depend on how they are paid to the recipient.

This allowance may be particularly useful to those who sell items online, tutor pupils, babysit or are self-employed in another form.

The property allowance of £1,000 was introduced from 6 April 2017. 

Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network.    

When calculating your profits, expenses are deductible to the extent that they are incurred wholly and exclusively for the purposes of the business.