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Overdrawn directors’ loan accounts and section 455 tax
A director’s loan account is simply a means of keeping track of transactions between the director and the company of which they are a director.
19 hrs ago
•
Asif Patel
Keeping digital records for Making Tax Digital
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will apply from 6 April 2026 to sole traders and unincorporated landlords with combined…
Apr 1
•
Asif Patel
Calculating corporation tax marginal relief
The rate at which a company pays corporation tax depends on the level of its taxable profits.
Mar 29
•
Asif Patel
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How to register and set up your Government Gateway account
Jan 3, 2025
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Asif Patel
HMRC's increased powers for spotting 'invisible income'
May 5, 2025
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Asif Patel
1
Tax-free savings income in 2024/25
Sep 23, 2024
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Asif Patel
1
When is a child’s income taxable on their parent?
Dec 7, 2024
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Asif Patel
1
Start of a property rental business
Jan 30, 2025
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Asif Patel
1
Tax planning for trading losses
Mar 22, 2025
•
Asif Patel
1
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What counts as a ‘reasonable excuse’?
A taxpayer may have grounds for appealing a penalty if they have a reasonable excuse for missing a filing or payment deadline.
Mar 24
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Asif Patel
1
Property companies and the effect of rise in dividend tax rates
Corporate landlords will not be hit by the property tax rises that will apply to unincorporated landlords from 6 April 2027; they will continue to pay…
Mar 20
•
Asif Patel
1
Keeping digital records for MTD for ITSA
One of the key requirements under Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is the need to keep digital records of income and…
Mar 14
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Asif Patel
New 40% FYA and reduction in WDAs
A new 40% first-year allowance (FYA) is to be introduced from April 2026.
Mar 11
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Asif Patel
Jointly owned properties and MTD
Unincorporated landlords who had combined property and trading income in 2024/25 of £50,000 or more must comply with Making Tax Digital for Income Tax…
Mar 7
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Asif Patel
The £100,000 cliff edge
All things being equal, receiving a pay rise which takes your income over £100,000 would be seen as a cause for celebration.
Feb 25
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Asif Patel
Changes to ISAs and the savings tax rate on the horizon
During the Chancellor’s Budget speech, savers received the unwelcome news that the rate of tax on savings income is to increase and the cash ISA limit…
Feb 18
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Asif Patel
What the hike in the dividend tax rate means for personal and family companies
In her tax-raising Budget on 26 November 2025, the Chancellor announced that the dividend ordinary rate and the dividend upper rate are to rise by two…
Feb 11
•
Asif Patel
Class 2 National Insurance contributions charged in error
The liability for self-employed earners to pay Class 2 National Insurance contributions was abolished with effect from 6 April 2024.
Jan 20
•
Asif Patel
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Accounting Journal
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