Tax and Business

Unincorporated business trading loss relief claimIf your sole trader or partnership business made a loss you can claim relief for it against the tax payable on your other income for that year or the year before. If only part of the loss can be reliev... Read more

Employee expenses policyResponsibility for determining whether business expenses reimbursed to employees and directors are exempt of tax and NI rests with the employer. To aid with this it's good practice to have an expenses policy in place. Evidence ... Read more

Alternative interest calculation method letterWhere an employer provides a cheap rate or interest-free loan there's more than one way to work out the taxable benefit - the normal averaging method or the alternative precise method. The normal method a... Read more

Checklist for challenging an HMRC business economics exerciseIf HMRC challenges your accounts based on it carrying out a business economics exercise, use our checklist to identify flaws in HMRC's assumptions and calculations. Missing incomeHMRC uses i... Read more

Pool car journey recordFor a company car to count as a pool car (meaning that employees who use it aren't taxed on it as a benefit) it must not be used for private journeys. HMRC may ask for evidence of this. You should maintain a log of all journeys ... Read more