Latest News
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New interactive tool for transition period profit reporting published
If you are a sole trader, or a partner, reporting your profits could be more complicated this year due to the basis period reform. How can a new online tool help?
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Were capital losses deductible for income tax?
The First-tier Tribunal (FTT) recently considered if an individual was entitled to tax relief for losses when a company he invested in went bust. It ought to have been simple but a refinancing deal complicated matters. What did the FTT decide?
Newsletters
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The IHT exemption that HMRC hides
You have the task of obtaining probate for your mother’s estate which involves completing tricky inheritance (IHT) tax forms. One of these requires you to report lifetime gifts. How might the form’s wording cause you to miss out on an IHT exemption?
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Gifts of shares to children: direct or via a trust?
You want to give away some shares in your company to help provide an income for your children. Is it better to make a direct gift to them or should you transfer the shares to a trust with your children as beneficiaries?
Monthly Focus
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MONTHLY FOCUS: SECONDARY INCOMES
In 2023 it was revealed that HMRC would enjoy new data-sharing information from online selling platforms from 1 January 2024, including eBay, Etsy, etc. This led to media speculation that innocent people selling second-hand items would soon be hearing from a tax inspector. In this monthly focus, we look at the tax consequences of starting a small trade, or taking a second job.
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SPECIAL FOCUS: TAX UPDATE AND 2024 SPRING BUDGET
The 2024/25 tax year is just days away. In this special Monthly Focus we look at the changes that you need to be aware of for the forthcoming year, as well as highlighting the key measures announced at the 2024 Spring Budget.
Practical Guides
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Practical guide: are you ready for the cash basis by default?
Following a consultation, the cash basis is being simplified and will become the default basis of accounts preparation for unincorporated business from 6 April 2024. What are the implications of this decision for your business?
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Practical guide: do you need to apply the salaried member rules?
The main partner in your firm, a limited liability partnership (LLP) that provides investment management services, has asked whether one of its members meets the conditions of the salaried member rules. What are these rules, and what guidance does recent case law provide?
Tax Rates
Calendar
* All dates are subject to possible adaptations