Useful HMRC Links
There is a wealth of useful information available for individuals and companies from HM Revenue & Customs (HMRC) but it can sometimes be complicated navigating your way around their huge website. So here are some of the HMRC links that you may find most useful if you are looking to make the most of tax-free benefits, allowances and other ways of saving tax. And to ensure that you have fulfilled all your tax obligations:
- Company Cars – there is a tax charge for employees and directors when they are supplied with a car for private use. There is also an additional charge if fuel is supplied for private use. HMRC provides detailed guidance for both employers and employees.
- Tax and NIC obligations regarding mobile phone use for employers. There is a useful HMRC guide available whether you provide the mobile phone to your employee or reimburse employees when they use their own phone.
- Claim allowances and reliefs – Employees and company directors, are entitled to some tax deductible expenses that might be incurred as part of their employment. For example professional fees, travel and subsistence, tools or other specialist equipment.
- Check you have the right tax code on the HMRC website. Whether you are paying too much income tax or too little it is better to get you tax affairs in order as soon as possible.
- Starting a limited company – When you start up a new company you will need to know about your corporation tax obligations. You will also need to inform HMRC if you own a dormant limited company that begins trading. This useful guide explains what you need to do and when.
- Paying tax when you rent out a property – you can claim costs to reduce the amount of tax you have to pay on the profits of a rented property but be aware that there are different tax rules for residential properties, furnished holiday lettings and commercial properties. Allowable expenses do not include costs for renovating a property but do include repairs and wear and tear. Allowable expenses also include costs such as:
- letting agents’ fees
- legal fees (in some circumstances)
- buildings and contents insurance
- interest on any mortgage payments
- service charges
- How and when to register for VAT – a useful guide if you do not know whether to register for VAT. It explains when you do not need to register as well as when you must register, and also covers the benefits of voluntary registration. For companies that do business both in the UK and internationally.