Tax and Business

PAYE compliance review - date not convenient letter HMRC carries out thousands of on-site PAYE compliance reviews at the employers' premises every year. The date proposed might not be convenient for you or your payroll staff and you are allowed to ask... Read more

Election for rent-a-room relief not to apply Where you let part of your home or all of it if you are temporarily absent and do not have a new home, you are entitled to rent-a-room relief. The relief is given automatically if your total income from th... Read more

Amending a personal tax return letterYou are entitled to amend entries on your personal self-assessment tax return within the "amendment window". Where you completed and submitted your return electronically either using HMRC's or commercial software, yo... Read more

Flat rate scheme cover letterIf your business is VAT registered, you could be eligible to use the flat rate scheme (FRS) to simplify your accounting. Use our letter to accompany your claim.VAT reportingThe amount of VAT your business normally must ac... Read more

Election for pre-trading debitsCosts incurred on financing your company, e.g. loan interest, before it starts to trade are classed as non-trading debits. Normally, tax relief for these can only be  obtained by offsetting them against non-trading cre... Read more

Annual accounting scheme cover letterIf your business completes VAT returns, you could be eligible to join the annual accounting scheme to simplify your reporting.Annual accountingThe annual accounting scheme allows for the submission of a single VAT... Read more

Herd basis electionIf you keep animals for production purposes, you might be able to take advantage of the "herd basis" to simplify calculating your taxable profits.ProductionFarm animals are treated as trading stock. For tax and accounting purposes th... Read more

Farmers' averaging electionIf you carry on a farming or market gardening business, you can elect to average your profits over either two or five years.FarmingBusinesses that depend on a successful harvest are notoriously volatile in terms of profits. ... Read more

Claim for relief for damaged assetCapital gains tax may be payable if you receive compensation for damage caused to one of your assets. However, if you use the amount received to repair or restore the asset, you can defer the tax.DamageWhen an asset ... Read more