Loss relief is a little known benefit when reporting the initial trading period of a new business. It often takes a while before a new business becomes profitable and the initial losses can be used to offset other tax liabilities. If... read more

Rent a Room Relief changes are due to be implemented from April 2019. In particular a new test is to be added to the qualifying criteria for rent-a-room relief. The test will require that the individual or individuals in receipt of... read more

HfM Tax was one of the very first accounts in London to launch a free mobile App and we have recently made a major upgrade. The HFM Tax App is full of really useful Tax Tables, Calculators and important dates.... read more

Tax Return penalties have remained pretty much the same for more than 20 years. File a day late and there will be £100 fine. In another six months a further £100 is added. And there was a time when HMRC... read more

Directors Loans can cause tax complications which many small business owners are unaware of. In fact they often only come to light when accounts are prepared and it is realised that the owner/director has withdrawn more cash than legitimately be... read more

The National Minimum Wage is important to get correct and the first step is to know who qualifies and who does not. So, who does qualify for the national minimum wage?  1 Workers must be at least school leaving age to get... read more

Making Tax Digital for VAT (MTD) finally comes into effect  from April 2019, but only for certain businesses. The April 2019 launch will only apply to VAT registered traders. More specifically, MTD will apply to businesses who have a turnover... read more