Accountapedia: UK Tax and Accounting Wiki

Accountapedia is the Solar Protect encyclopedia of UK tax and accounting: a plain English reference to the tax, accounting and HMRC topics that small businesses, company directors, landlords and their accountants deal with every day. Each entry answers a real question in full, links to the related entries around it, and is kept current with UK tax rules. Use it to understand a term before a deadline, a decision or a letter from HMRC, and follow the links to go deeper.

Solar Protect arranges tax investigation insurance, so this reference naturally leans towards the areas where HMRC asks questions. It is written to inform rather than to sell. Where a topic connects to the risk of an enquiry, we say so and link to the relevant cover, but every entry stands on its own as a useful explainer.

Business structure and company tax

• Sole trader vs limited company
• Corporation tax explained
• Salary vs dividends
• Director’s loan account
• Marginal Relief on Corporation Tax
• Business Asset Disposal Relief
• The confirmation statement
• How to pay dividends legally
• Corporation Tax deadlines
• Capital Gains Tax rates
• Inheritance Tax Business Relief
• Dividend allowance and tax rates
• Pension tax relief for business owners
• Associated Companies and Corporation Tax
• Employment Related Securities: The Basics
• Gift Holdover Relief for Capital Gains
• Incorporation Relief: Transferring a Business to a Company
• Share for Share Exchange and Tax
• Group Relief for Corporation Tax
• A Director’s Tax Responsibilities
• The Patent Box Explained
• Close Company Rules Explained
• Substantial Shareholding Exemption Explained
• Connected Persons and Capital Gains Tax
• ATED: Annual Tax on Enveloped Dwellings
• Family Investment Companies Explained
• Dividend Waivers and Alphabet Shares Explained
• Employee Ownership Trusts Explained
• Closing a Limited Company: MVL, Strike Off and Tax
• How HMRC Taxes Crypto
• Registering a new company for corporation tax
• The CT600 company tax return explained
• Accounting periods vs periods of account
• Long first accounts: splitting into two tax returns
• Quarterly instalment payments for large companies
• Company trading losses: carry back and carry forward
• The corporate loss restriction for large losses
• Change of company ownership and loss forfeiture
• Capital gains and losses in a company
• Reclaiming section 455 tax on director loans
• Director loan repayments and the 30 day rule
• Unpaid director bonuses and the nine month rule
• Company donations to charity: getting tax relief
• Are company formation costs tax deductible
• Dividends received by companies: the exemption
• Loan relationships: how companies are taxed on loans
• The corporate interest restriction
• Late paid interest between connected parties
• Intercompany loans: interest, write offs and tax
• Intangible assets: the corporation tax regime
• Investment companies and management expenses
• Close investment holding companies
• Corporation tax for property investment companies
• Holding companies: tax pros and cons
• Capital gains groups and degrouping charges
• Hive downs and transfers of trade within a group
• Demergers: statutory and liquidation demergers
• Share buybacks: capital or income for the seller
• The TAAR on distributions in a winding up
• Transfer pricing: when it applies to smaller companies
• Corporation tax for clubs and unincorporated associations
• R&D claim notification and the additional information form
• iXBRL tagging for company tax returns
• Corporation tax relief for employee share acquisitions
• Senior accounting officer duties
• Publishing a tax strategy for large businesses
• Notifying uncertain tax treatments
• Corporation tax during liquidation
• Spreading large employer pension contributions
• Selling company assets to a director below value
• Consortium relief for company losses
• What counts as plant and machinery
• Integral features and the special rate pool
• Balancing charges and balancing allowances
• Short life asset elections
• Section 198 elections when buying commercial property
• Capital allowances on cars and CO2 emissions
• Hire purchase vs leasing: the tax treatment
• 100% first year allowance for EV chargepoints
• Freeport and investment zone tax reliefs
• Software and website costs: capital or revenue
• Venture capital trusts
• Relief for cleaning up contaminated or derelict sites
• Audio visual expenditure credit for film and TV
• Video games expenditure credit
• Theatre tax relief
• Orchestra tax relief
• Museums and galleries exhibition tax relief
• Long funding leases and capital allowances

Expenses, reliefs and accounting

• Allowable business expenses
• Capital allowances explained
• Cash basis vs accruals
• R and D tax relief enquiries
• Mileage allowance and AMAP rates
• Working from home expenses
• Basis period reform
• Badges of trade
• Annual Investment Allowance
• Full expensing
• Pre trading expenses
• Simplified expenses
• The 40% First-Year Allowance Explained
• Rollover Relief on Business Assets
• R&D Tax Relief: An Overview
• Structures and Buildings Allowance Explained
• Mortgage Interest Relief for Landlords (Section 24)
• The £1,000 trading allowance
• How to register as self employed
• Record keeping rules for the self employed
• The wholly and exclusively rule explained
• Capital or revenue expenditure: how to tell
• Can you claim clothing as a business expense
• Business entertainment and client gifts: tax rules
• Travel expenses for the self employed
• Meals and subsistence for the self employed
• Are training and course costs tax deductible
• Are legal and professional fees tax deductible
• Are fines and penalties tax deductible
• Private use adjustments for sole traders
• Paying family members from your business
• Drawings for sole traders: are they taxable
• Claiming interest and finance costs as a sole trader
• Goods taken for own use: Sharkey v Wernher rule
• Are business grants taxable
• Using a trading loss against other income
• Early years trade loss relief
• Terminal loss relief when a trade ceases
• Carrying forward trading losses as an individual
• Loss relief restrictions for non active traders
• Partnership tax returns (SA800)
• How partnership profits are shared for tax
• Partners joining and leaving: the tax consequences
• Salaried member rules for LLP members
• Mixed member partnerships with corporate partners
• Stopping self employment: tax steps
• Post cessation receipts and expenses
• Employed and self employed at the same time
• Student loan repayments through Self Assessment
• Universal Credit and the minimum income floor
• Maternity Allowance for the self employed

VAT

• VAT registration threshold
• VAT compliance checks
• VAT penalty points
• The VAT Flat Rate Scheme
• VAT Cash Accounting Scheme
• VAT Margin Scheme
• VAT Annual Accounting Scheme
• Making Tax Digital for VAT
• The VAT Capital Goods Scheme
• VAT Partial Exemption Explained
• Opting to Tax Property for VAT
• VAT and the Transfer of a Going Concern
• VAT Flat Rate vs Standard: Which Is Better?
• VAT Domestic Reverse Charge for Construction
• Can You Reclaim VAT on Cars, Vans and Fuel?
• Correcting VAT errors
• How VAT works: output tax and input tax
• VAT rates: standard, reduced and zero
• Zero rated vs exempt supplies
• What counts as business activity for VAT
• Voluntary VAT registration
• VAT deregistration
• VAT group registration
• Artificial separation of businesses for VAT
• One VAT registration for all your sole trader businesses
• Overseas businesses registering for UK VAT
• What a valid VAT invoice must show
• Reclaiming VAT without a valid invoice
• Time of supply: VAT tax points
• VAT on deposits and advance payments
• Reclaiming VAT on costs before registration
• The four year cap on VAT claims
• VAT on business entertainment and staff entertaining
• Reclaiming VAT on employee expenses
• Business and private use: apportioning VAT
• Single or multiple supplies for VAT
• Acting as agent or principal for VAT
• Disbursements vs recharges for VAT
• Credit notes, discounts and VAT
• VAT on vouchers: single and multi purpose
• VAT on compensation and early termination fees
• Business gifts and samples: the VAT rules
• Promotional offers and VAT
• Lost, stolen or destroyed goods and VAT
• Filling in a VAT return: the nine boxes
• VAT payments on account for large businesses
• VAT retail schemes
• Holding companies and VAT recovery
• Management charges between companies: VAT
• Staff secondments and VAT
• The VAT cost sharing exemption
• Missing trader fraud and the Kittel principle
• Reverse charge on mobile phones, chips and specified goods
• Place of supply of services: B2B and B2C
• Reverse charge on services bought from abroad
• Postponed VAT accounting on imports
• Zero rating exports of goods: evidence
• Selling goods to EU customers after Brexit
• VAT on digital services to overseas consumers
• VAT and goods in Northern Ireland
• Online marketplaces and overseas sellers: VAT
• Dropshipping: VAT for UK sellers
• Membership subscriptions and VAT
• VAT reliefs for charities
• Charity fundraising events: the VAT exemption
• Charitable and residential purpose buildings: zero rating
• VAT on education and private school fees
• Private tutors and the VAT exemption
• Health and medical services: VAT exemption
• Welfare services and care: VAT exemption
• Financial services and the VAT exemption
• Food and VAT: zero rated or standard rated
• Hot takeaway food and catering VAT
• Children’s clothes and shoes: zero rating
• Books and publications: VAT zero rating
• Energy saving materials: the VAT zero rate
• Domestic fuel and power: the reduced rate
• VAT relief for disabled people
• New build homes: VAT zero rating
• Residential conversions: the reduced VAT rate
• Renovating empty homes: the reduced VAT rate
• VAT on annexes and extensions
• DIY housebuilders VAT refund scheme
• VAT on commercial property: sales and lettings
• VAT on service charges
• Holiday accommodation and VAT
• Passenger transport and VAT zero rating
• The tour operators margin scheme
• VAT on electric vehicle charging
• Chair and room rental in salons: VAT
• Sport and physical education: VAT exemption
• Cultural services: VAT exemption for admissions
• Car parking and garaging: VAT treatment
• Sponsorship income and VAT
• Insurance related services and the VAT exemption
• The agricultural flat rate scheme
• E invoicing in the UK: what is planned
• EORI numbers: who needs one
• Customs duty and commodity codes
• Rules of origin under the UK and EU trade agreement
• Customs agents: direct and indirect representation
• Inward processing relief
• Insurance premium tax
• Landfill Tax in England and Northern Ireland
• The Aggregates Levy
• The Climate Change Levy
• Plastic Packaging Tax
• The Soft Drinks Industry Levy
• Alcohol duty and small producer relief
• Machine Games Duty
• Air Passenger Duty
• Vehicle excise duty and the expensive car supplement
• Red diesel: who can still use it
• The Economic Crime Levy

Payroll and employment taxes

• Benefits in kind and the P11D
• Construction Industry Scheme (CIS)
• IR35 and off-payroll working
• Employer compliance checks
• The Employment Allowance
• The trivial benefits exemption
• Class 1A National Insurance
• Company car tax
• Payrolling benefits in kind
• Salary Sacrifice Schemes Explained
• EMI Share Options Explained
• CSOP Share Options Explained
• IR35 and Off Payroll Working Explained
• PAYE tax codes explained
• P60, P45 and payslips: what employers must give
• Statutory Sick Pay: employer rules
• National Minimum Wage rules for employers
• Workplace pension auto enrolment: employer duties
• Student loan deductions through payroll
• Employed or self employed: the status tests
• HMRC’s CEST tool: how it works and its limits
• Umbrella companies: how they work and the tax risks
• Agency workers and intermediaries reporting
• Real Time Information: FPS and EPS explained
• PAYE late filing and late payment penalties
• Registering as an employer with HMRC
• New starters: the starter checklist and tax codes
• Section 690 directions for internationally mobile employees
• How bonuses are taxed through PAYE
• PAYE Settlement Agreements explained
• Tax on termination payments and the £30,000 exemption
• Payment in lieu of notice and PENP
• Settlement agreements: the tax treatment of each element
• Statutory redundancy pay: how it is calculated
• Holiday pay for irregular hours and part year workers
• Statutory Maternity Pay: employer rules
• Statutory Paternity Pay: employer rules
• Shared Parental Pay explained for employers
• Statutory Neonatal Care Pay
• Recovering statutory payments and Small Employers’ Relief
• Tips, gratuities and tronc schemes
• Company van benefit and van fuel benefit
• Car fuel benefit charge
• Living accommodation provided to employees
• Beneficial loans to employees
• Private medical insurance as a benefit in kind
• The employer provided mobile phone exemption
• The annual functions exemption for staff parties
• Long service awards: the tax exemption
• Relocation expenses: the £8,000 exemption
• Cycle to work schemes
• Workplace electric vehicle charging: tax rules
• Claiming tax relief on employment expenses
• Professional subscriptions: tax relief and HMRC List 3
• Employee travel: temporary workplaces and the 24 month rule
• Subsistence: benchmark scale rates and bespoke rates
• The paid and reimbursed expenses exemption
• Employer funded training: the tax exemption
• Exempt health benefits: eye tests, flu jabs and screening
• Gift vouchers and cash gifts to staff
• Gifts and hospitality from third parties
• Equipment provided for home working
• Employer supported childcare and workplace nurseries
• Car allowance or company car: the tax comparison
• Tax on income protection and sick pay insurance
• Payroll year end: what employers must do
• Correcting payroll errors from earlier tax years
• The Apprenticeship Levy explained
• Share Incentive Plans (SIP)
• Save As You Earn (Sharesave) schemes
• Unapproved share options: tax on exercise
• Growth shares for employees
• Section 431 elections on restricted shares
• Readily convertible assets and PAYE on shares
• Phantom share schemes
• Valuing unquoted shares for employee schemes
• Employee benefit trusts: tax treatment
• Worker, employee or self employed: employment rights
• Paying director fees to a company instead of payroll
• Employing a nanny: payroll and tax
• National Insurance classes explained
• Directors’ National Insurance: the annual earnings period
• Voluntary Class 2 contributions
• Paying voluntary Class 3 contributions
• Checking your NI record for State Pension
• National Insurance credits: who gets them
• National Insurance category letters
• Employer NI reliefs for young staff, veterans and freeports
• National Insurance with more than one job
• National Insurance after State Pension age
• Getting a refund of overpaid National Insurance
• National Insurance when working abroad
• Deferring Class 1 National Insurance
• Employer NI on termination payments
• The pension annual allowance
• Pension carry forward of unused allowance
• The tapered annual allowance
• The money purchase annual allowance
• The lump sum allowance after the lifetime allowance
• The lump sum and death benefit allowance
• Relief at source vs net pay pension schemes
• Claiming higher rate relief on pension contributions
• Relevant UK earnings and the £3,600 rule
• Pension withdrawals and emergency tax
• Uncrystallised funds pension lump sums (UFPLS)
• Flexi access drawdown: the tax rules
• Small pension pots lump sums
• Tax on inherited pensions before and after age 75
• Serious ill health lump sums
• SIPPs and SSASs buying commercial property
• SSAS loans to the sponsoring employer
• Unauthorised payments charges
• Scheme pays for annual allowance charges
• Deferring the State Pension
• QROPS and the overseas transfer charge
• Pension recycling of tax free cash
• Annual allowance for defined benefit schemes
• Normal minimum pension age rising to 57
• Lifetime allowance protections after abolition
• Pension sharing on divorce: tax effects
• Low earners in net pay pension schemes: top up payments

Self Assessment and deadlines

• Payments on account
• Making Tax Digital for Income Tax
• Capital gains tax 60 day property return
• HMRC Time to Pay arrangements
• Self Assessment deadlines and penalties
• Self employed National Insurance
• Personal allowance tapering
• High Income Child Benefit Charge
• Rent a Room Relief Explained
• Property Income Allowance Explained
• The Enterprise Investment Scheme (EIS) Explained
• SEIS: The Seed Enterprise Investment Scheme
• Negligible Value Claims Explained
• UK Tax Rates, Thresholds and Deadlines 2026/27
• UK tax deadlines calendar 2026/27
• HMRC penalties table
• Who needs to file a Self Assessment tax return
• Registering for Self Assessment and getting a UTR
• HMRC Simple Assessment explained
• P800 tax calculation letters explained
• Claiming tax back after leaving a job
• Coding out underpaid tax through your tax code
• Which Self Assessment supplementary pages you need
• SA302 tax calculations and tax year overviews
• Tax returns for someone who has died
• Provisional and estimated figures on a tax return

Dealing with HMRC

• What happens in a compliance check
• What triggers an investigation
• HMRC Connect data system
• How far back HMRC can go
• Aspect vs full enquiry
• Discovery assessments
• Schedule 36 information notices
• Penalties for return errors
• HMRC nudge letters
• Let Property Campaign
• Code of Practice 8
• Code of Practice 9
• Worldwide Disclosure Facility
• Tax avoidance vs tax evasion
• Who pays your accountant’s fees
• Alternative dispute resolution
• HMRC Late Payment Interest Explained
• HMRC Enquiry and Investigation Statistics 2026
• HMRC letters explained
• Digital platform reporting to HMRC
• Does HMRC pick returns at random
• HMRC closure notices
• Statutory review and the tax tribunal
• Suspended penalties
• The HMRC Charter
• HMRC enquiry checklist
• HMRC enquiry glossary
• Failure to notify penalties
• Reasonable excuse
• Amending a tax return
• Overpayment relief
• Third party information notices
• Tax checks for licences
• Electronic sales suppression

For accountants

• Solar Protect accountant schemes
• AML supervision for accountants
• Professional Conduct in Relation to Taxation
• Professional indemnity for accountants
• Fee protection schemes explained
• How to run a fee protection scheme
• Explaining fee protection to clients
• Fee protection and professional indemnity
• Fee protection for bookkeepers
• Choosing a fee protection provider
• The fee protection claims process
• Fee protection rules by professional body
• Engagement letters for accountants
• Customer due diligence for accountants (AML)
• Suspicious activity reports for accountants
• Professional clearance when changing accountant
• Who owns the records: accountants’ lien and client papers
• Data protection for accountancy practices
• HMRC agent services account and authorising an agent
• The failure to prevent fraud offence
• Practising certificates: when accountants need one
• Selling or closing an accountancy practice: regulatory steps
• The firm wide AML risk assessment
• Assessing client risk for AML
• Enhanced due diligence for accountants
• Simplified due diligence: when it is allowed
• Politically exposed persons: AML rules for accountants
• Verifying beneficial owners of corporate clients
• Ongoing monitoring of clients for AML
• Relying on another firm’s due diligence
• AML policies, controls and procedures
• The MLRO role in an accountancy practice
• AML training requirements for practice staff
• AML record keeping: what to keep and for how long
• Tipping off and prejudicing an investigation
• Defence against money laundering (DAML) requests
• The privilege reporting exemption for accountants
• The principal money laundering offences under POCA
• Tax evasion and money laundering reporting
• High risk third countries and AML
• Financial sanctions checks for accountants
• Trust and company service providers: AML registration
• Reporting PSC discrepancies to Companies House
• What to expect from an AML supervisory review
• AML for sole practitioners
• Electronic identity verification for clients
• Source of funds and source of wealth checks
• Money laundering red flags for accountants
• The CCAB AML guidance for the accountancy sector
• AML supervision reform and the FCA
• The failure to disclose offence for accountants
• Proliferation financing risk assessment
• Due diligence on trusts, charities and similar clients
• Due diligence on overseas and remote clients
• The AML independent audit function
• Screening relevant employees for AML
• AML risks with clients holding cryptoassets
• AML risks with property clients
• The fundamental principles of the code of ethics
• The threats and safeguards framework
• Conflicts of interest for accountants
• Confidentiality and when accountants can disclose
• Fees, commissions and referral payments
• Contingent fees for tax work
• Marketing and advertising rules for accountants
• Using chartered accountant and firm descriptions
• Responding to non compliance with laws and regulations
• Whistleblowing for accountants
• Giving second opinions
• Gifts and hospitality from clients
• CPD requirements for accountants
• Ethical use of AI tools in accountancy practice
• When a client will not correct a tax error
• The Bribery Act for accountancy firms
• Failure to prevent facilitation of tax evasion
• Independence in non audit assurance work
• Self review threats in preparing audit clients’ accounts
• Taking on work outside your expertise
• Social media conduct for accountants
• Accountants acting as executors, trustees or attorneys
• A client onboarding process for accountants
• Disengagement letters
• Fixed fees vs hourly rates for accountants
• Value pricing for accountancy services
• Getting records from clients on time
• Client complaints procedures for accountants
• Fee disputes with clients
• Limiting liability in engagement letters
• Managing scope creep and out of scope work
• Client money rules for accountants
• Acting for both spouses or business partners
• Dealing with a deceased client
• Recovering unpaid fees from clients
• Client approval before filing returns
• Accountants’ references and income certificates
• Cancellation rights for consumer clients
• Raising fees with existing clients
• Reviewing the client base: which clients to let go
• Building advisory services in a compliance practice
• Client portals and e signatures for accountants
• Protecting the client base: staff restrictive covenants
• Acting for overseas clients
• ICAEW practice assurance reviews
• The ICAEW disciplinary process
• ACCA practice monitoring
• ICAS practice monitoring
• AAT licensed accountants
• CIOT and ATT professional rules
• Regulated vs unregulated accountants
• DPB licences for investment business
• Probate licences for accountants
• When accountants need FCA authorisation
• Insolvency licensing for accountants
• Complaining about an accountant to a professional body
• The FRC enforcement procedure
• Mandatory registration of tax advisers with HMRC
• The HMRC standard for agents
• Who regulates bookkeepers
• The annual practice return to your professional body
• Starting an accountancy practice
• Choosing a structure for an accountancy practice
• Buying an accountancy practice
• Practice KPIs and lock up
• Workflow and deadline management for practices
• Outsourcing accounting work offshore
• Using AI in an accountancy practice
• Cyber security for accountancy practices
• Alternate arrangements for sole practitioners
• Private equity investment in accountancy firms
• How long practices should keep client files
• ISQM (UK) 1 quality management
• Subcontracting work to freelance accountants
• Running a payroll bureau: compliance duties
• Common causes of negligence claims against accountants
• Limitation periods for claims against accountants
• Run off cover when an accountant retires
• Merging two accountancy practices
• Training apprentices in an accountancy practice
• Choosing practice management software
• Managing the January Self Assessment peak
• Insurance an accountancy practice needs
• Preventing payment diversion fraud in practices
• Using the HMRC agent dedicated line
• Escalating issues with HMRC as an agent
• Authorising an agent for trusts and estates
• HMRC powers over dishonest tax agents
• Can HMRC penalise an agent for a client’s errors
• Viewing client income records as an agent

Personal tax, property and wealth

Income tax, savings, capital gains, property, inheritance tax and residence for individuals and families.

• Marriage Allowance explained
• Tax on savings interest and the Personal Savings Allowance
• Stamp duty (SDLT) explained
• Scottish Income Tax rates and bands
• Adjusted net income explained
• How savings and dividend income stack on other income
• NS&I products and tax
• Blind Person’s Allowance
• Married Couple’s Allowance
• Claiming higher rate relief on Gift Aid
• Payroll giving: how it works for employees and employers
• ISA tax rules: allowances, transfers and flexible ISAs
• Lifetime ISA: bonus and withdrawal charge
• Junior ISAs and tax on children’s savings
• Parental gifts to children: the £100 interest rule
• Settlements legislation and spouse shareholdings
• Chargeable event gains on investment bonds
• Top slicing relief on investment bond gains
• The 5% withdrawal rule on investment bonds
• Purchased life annuities: capital element exemption
• Are gambling, betting and lottery winnings taxable
• Spread betting, CFDs and forex trading: tax treatment
• Tax on peer to peer lending interest and losses
• Tax on compensation and statutory interest payments
• Miscellaneous income: what counts and how it is taxed
• Relief on loans to invest in a partnership or company
• The cap on unlimited income tax reliefs
• Is the State Pension taxable
• Tax Free Childcare: eligibility and how it works
• Charging interest on a loan to your company
• When income is taxed: arising and receipts basis
• Share loss relief against income
• What income is tax free in the UK
• Which state benefits are taxable
• Scholarships and bursaries: are they taxable
• Tax for students with part time and summer jobs
• How rental income is taxed
• Allowable expenses for landlords
• Replacement of domestic items relief
• Repairs or improvements on a rental property
• Furnished holiday lettings after abolition
• Jointly owned rental property: splitting the income
• Form 17 and declarations of trust for spouses
• The Non Resident Landlord Scheme
• Rental losses: how they can be used
• Buy to let through a limited company: pros and cons
• Incorporating a property portfolio
• Getting money out of a property company
• Renting your property to your own company
• Tax on lease premiums for landlords
• Lease extension costs: capital or revenue
• Service charges and sinking funds: tax treatment
• Tax for residents’ management and RTM companies
• Serviced accommodation and Airbnb: how it is taxed
• Rent to rent arrangements: tax treatment
• Property developer or investor: trading or investment
• Moving property between trading stock and investment
• Expenses when a rental property is empty
• Letting out your former home: the tax consequences
• Capital allowances for landlords
• The cash basis for property income
• Tenancy deposits: when they are taxable
• Remortgaging a buy to let: is the interest allowable
• Gifting a property to your children: the tax effects
• Letting to family at below market rent
• Are EPC upgrade costs allowable for landlords
• Completing the UK property pages (SA105)
• Tax for freeholders receiving ground rent
• When a property business starts and stops
• Business rates: how they are calculated
• Small business rate relief and other rates reliefs
• Holiday lets: business rates or council tax
• Council tax premiums on second and empty homes
• Anti avoidance on profits from UK property dealing
• How capital gains tax is calculated
• The capital gains annual exempt amount
• What costs can be deducted from a capital gain
• Private residence relief explained
• Private residence relief: periods of absence
• Choosing which home is your main residence
• Private residence relief and large gardens
• Lettings relief after the 2020 changes
• Selling a second home: capital gains tax
• Transfers between spouses and civil partners
• Capital gains tax on separation and divorce
• Capital gains for unmarried couples
• Claiming and using capital losses
• Chattels and wasting assets for CGT
• Share matching rules: same day, 30 day and section 104
• Bed and breakfasting, bed and ISA and bed and spouse
• Gifts and market value for capital gains
• Selling inherited property: base cost and CGT
• Capital gains tax on death: the tax free uplift
• Selling a sole trade or partnership business
• Earn outs and deferred consideration on business sales
• Part disposals: the A over A plus B formula
• Investors’ Relief
• Non resident capital gains tax on UK property
• Temporary non residence rules
• Insurance payouts and compensation: CGT treatment
• Compulsory purchase and CGT rollover
• CGT valuations: 1982 rebasing and post transaction checks
• Losses on loans to traders
• Reporting gains with the real time CGT service
• Offshore funds: reporting and non reporting status
• Accumulation units and excess reportable income
• Gilts and qualifying corporate bonds: CGT exemption
• Giving assets to charity: CGT and income tax relief
• Foreign currency and capital gains
• Transactions in securities: the anti avoidance rules
• When a disposal happens for capital gains
• Options and capital gains tax
• Assigning a short lease: CGT and wasting asset rules
• Gold coins and capital gains: sovereigns and Britannias
• Using part of your home for business: the CGT effect
• The inheritance tax nil rate band
• The residence nil rate band
• Transferring an unused nil rate band to a spouse
• The seven year rule for lifetime gifts
• Taper relief on lifetime gifts
• The annual exemption and small gifts exemption
• Gifts out of surplus income
• Gifts with reservation of benefit
• Pre owned assets tax
• Agricultural property relief
• Pensions and inheritance tax
• Excepted estates: when no IHT400 is needed
• Completing the IHT400
• Paying inheritance tax before probate
• Paying inheritance tax by instalments
• Deeds of variation
• Life insurance written in trust and IHT
• The spouse exemption for non UK spouses
• The 36% rate for charitable legacies
• Quick succession relief
• Relief for loss on sale of shares and property after death
• Valuing property for inheritance tax and probate
• Joint tenants vs tenants in common: the IHT effect
• Do you pay tax on money you are gifted or inherit
• Chargeable lifetime transfers into trust
• Inheritance tax and long term UK residence
• The related property rules for IHT
• Woodlands relief for inheritance tax
• Conditional exemption for heritage assets
• IHT30 clearance certificates
• Executors’ personal liability for inheritance tax
• Income tax and CGT during estate administration
• Dying without a will: intestacy and IHT
• Gifts made by an attorney: rules and IHT
• IHT exempt gifts to charities, parties and national bodies
• Corrective inheritance tax accounts (form C4)

Accounting and standards

UK GAAP, FRS 102 and FRS 105, bookkeeping, financial statements and audit.

• FRS 102 explained
• FRS 105 and micro entity accounts
• Small company accounts: what to file at Companies House
• Going concern: what directors and accountants must assess
• Depreciation methods and how they work
• Accruals and prepayments explained
• Bad debts: accounting, tax and VAT relief
• Stock valuation: lower of cost and net realisable value
• Bank reconciliation explained
• The trial balance explained
• Double entry bookkeeping explained
• Financial statements explained: P&L and balance sheet
• The cash flow statement explained
• Audit exemption for small companies
• FRS 102 changes from January 2026: leases and revenue
• FRS 102 Section 1A: small entity reporting
• FRS 102 Section 2: concepts and pervasive principles
• FRS 102 Section 3: presenting financial statements
• Balance sheet formats: Companies Act and FRS 102
• Profit and loss account formats
• Statement of changes in equity under FRS 102
• Other comprehensive income under FRS 102
• FRS 102 Section 8: notes to the accounts
• FRS 102 Section 9: consolidated and separate accounts
• FRS 102 Section 10: policies, estimates and errors
• Prior period adjustments: restating comparatives
• FRS 102 Section 11: basic financial instruments
• FRS 102 Section 12: other financial instruments
• Directors’ loans under FRS 102
• Loans at below market interest rates under FRS 102
• Debt or equity: classifying preference shares
• FRS 102 Section 14: investments in associates
• FRS 102 Section 15: joint ventures
• FRS 102 Section 16: investment property
• FRS 102 Section 17: property, plant and equipment
• Revaluing fixed assets and the revaluation reserve
• FRS 102 Section 18: intangible assets
• Capitalising development costs under FRS 102
• Accounting for website and software development costs
• FRS 102 Section 19: business combinations and goodwill
• Goodwill: useful life and amortisation
• Negative goodwill under FRS 102
• Merger accounting for group reconstructions
• Lessor accounting under FRS 102
• Short term and low value lease exemptions
• FRS 102 Section 21: provisions and contingencies
• Dilapidations provisions for leased premises
• Onerous contracts
• FRS 102 Section 22: liabilities and equity
• Principal or agent: gross or net revenue
• Revenue recognised over time for contracts
• FRS 102 Section 24: government grants
• FRS 102 Section 25: borrowing costs
• FRS 102 Section 26: share based payment
• FRS 102 Section 27: impairment of assets
• Impairment of trade debtors under FRS 102
• Holiday pay accruals
• Accounting for defined benefit pension schemes
• Accounting for termination benefits
• FRS 102 Section 29: deferred tax
• Deferred tax on revaluations and investment property
• Functional currency and presentation currency
• Accounting for foreign currency transactions
• Events after the reporting period
• FRS 102 Section 33: related party disclosures
• Agriculture and biological assets under FRS 102
• Heritage assets accounting
• Public benefit entities and concessionary loans
• Transition to FRS 102
• Reduced disclosures for qualifying entities
• Revenue recognition for subscriptions and licences
• Inventory cost formulas: FIFO and weighted average
• Hedge accounting under FRS 102
• FRS 104: interim financial reporting
• FRS 100: which UK GAAP framework applies
• Merger relief and group reconstruction relief
• Investments in subsidiaries in the parent’s accounts
• Measuring unquoted equity investments
• Accounting for R&D tax credits and the expenditure credit
• Accounting for current tax
• Property developers: stock or investment property
• Accounting for customer loyalty schemes
• Accounting for a company purchase of own shares
• Accounting for employee benefit trusts
• Which companies cannot use the micro entity regime
• Choosing between FRS 105 and FRS 102 Section 1A
• Recording goodwill when a sole trader incorporates
• Moving from FRS 105 to FRS 102
• IFRS vs FRS 102: the main differences
• When UK companies must use IFRS
• UK adopted international accounting standards
• FRS 101: the reduced disclosure framework
• IFRS 15 revenue from contracts with customers
• IFRS 16 leases overview
• IFRS 9 expected credit losses
• IFRS 3 business combinations
• IFRS 13 fair value measurement
• IFRS 18 presentation and disclosure
• IFRS 8 operating segments
• Earnings per share under IAS 33
• UK sustainability reporting standards
• Setting up a chart of accounts
• Debits and credits: the rules explained
• The general ledger and subsidiary ledgers
• Sales and purchase ledger control accounts
• Suspense accounts: what they are and how to clear them
• Journal entries explained
• Types of bookkeeping error
• The cash book explained
• Petty cash and the imprest system
• The VAT control account
• Payroll journals and the wages control account
• Entering opening balances in a new system
• Year end closing entries
• Cut off at the year end
• Goods received not invoiced accruals
• Deferred income explained
• Accrued income and unbilled work
• Work in progress for service businesses
• Keeping a fixed asset register
• Setting a capitalisation threshold
• Accounting for the disposal of fixed assets
• Accounting for hire purchase agreements
• Recording business loans and interest
• Recording share issues: share capital and share premium
• Retained earnings and other reserves
• Capital and drawings accounts for sole traders
• Partnership capital and current accounts
• Preparing accounts from incomplete records
• Receipts and payments accounts
• Credit control and the aged debtors report
• Reconciling supplier statements
• Intercompany reconciliations
• The month end close for small businesses
• Source documents and the audit trail
• Perpetual and periodic stock systems
• What goes in cost of sales
• Gross profit, operating profit and net profit
• Contra entries between customers and suppliers
• Writing off a debt in the books
• Accounting for cryptoassets under FRS 102
• Recording dividends in the accounts
• Accounting for gift vouchers and breakage
• Accounting for leasehold improvements
• Bookkeeping for foreign currency bank accounts
• Bank feeds and bank rules in accounting software
• Bookkeeping for CIS deductions
• Bookkeeping for landlords
• Are photos of receipts acceptable to HMRC
• Recording daily takings in cash businesses
• Bookkeeping for marketplace and payment processor payouts
• Purchase invoice approval and three way matching
• Company size thresholds: micro, small, medium and large
• What goes in a directors’ report
• The strategic report
• The section 172 statement
• Notes required in small company accounts
• Writing the accounting policies note
• What a true and fair view means
• Directors’ remuneration disclosures
• Disclosing advances and guarantees to directors
• When a parent company must prepare group accounts
• Correcting filed accounts: revised and defective accounts
• Streamlined energy and carbon reporting (SECR)
• Climate related financial disclosures for companies
• Do sole traders need formal accounts
• Statutory accounts vs management accounts
• Common errors in small company accounts
• Staff numbers and staff costs disclosures
• The statement of directors’ responsibilities
• Approving and signing company accounts
• What management accounts should include
• Budgeting for small businesses
• Cash flow forecasting
• Break even analysis
• Contribution margin explained
• Budget variance analysis
• Standard costing
• Absorption vs marginal costing
• Activity based costing
• Overhead absorption rates
• Job costing for project businesses
• Pricing methods: cost plus, value and competitive pricing
• KPIs for small businesses
• Working capital management
• The cash conversion cycle
• Rolling forecasts vs annual budgets
• Zero based budgeting
• Make or buy decisions
• Relevant costs for decisions
• Investment appraisal: NPV and IRR
• The payback period method
• Business valuation methods
• Scenario and sensitivity analysis
• Unit economics: customer acquisition cost and lifetime value

Company law and admin

Companies Act duties, Companies House filings, shares, directors and insolvency.

• Companies House identity verification
• Companies House accounts deadlines and late filing penalties
• Dormant company accounts and tax
• Registered office address rules
• Persons with significant control (PSC)
• Directors’ duties under the Companies Act 2006
• How to allot new shares in a limited company
• Company purchase of own shares (share buyback)
• Reduction of share capital
• Changing a company’s year end (accounting reference date)
• Limited liability partnerships (LLPs) explained
• The company secretary: role and duties
• A company’s statutory registers
• Wrongful trading and director liability
• Striking off a company: the DS01 process
• The duty to promote the success of the company
• Directors’ conflicts of interest under section 175
• Declaring an interest in a proposed transaction
• Directors’ service contracts
• Substantial property transactions with directors
• Loans to directors: member approval under the Companies Act
• Ratifying a director’s breach of duty
• Director disqualification
• Shadow directors and de facto directors
• Who can be a company director
• How to appoint a company director
• Removing a director under section 168
• Resigning as a company director
• Protecting a director’s home address
• Indemnifying directors: what the law allows
• Director liability for unlawful dividends
• Misfeasance claims against directors
• Directors’ duty to consider creditors
• Derivative claims by shareholders
• Unfair prejudice petitions (section 994)
• The duty to keep accounting records
• How long companies must keep records
• Company name rules and sensitive words
• Changing a company’s name
• Trading disclosures on invoices, emails and websites
• How a company executes documents and deeds
• Directors’ authority to bind the company
• What rights do shareholders have
• Company investigations by the Insolvency Service
• Non executive directors: duties and liabilities
• Alternate directors
• Who decides directors’ pay
• When directors are personally liable for company debts
• Pre incorporation contracts: who is liable
• Electronic signatures on company documents
• Intra group guarantees and corporate benefit
• Structuring a joint venture: company or contract
• The Wates Principles for large private companies
• How to incorporate a limited company
• Changing a director’s details at Companies House
• Filing LLP changes at Companies House
• Registering a charge at Companies House
• Removing a satisfied charge from the register
• Restoring a struck off company
• Objecting to a company being struck off
• Bona vacantia: assets of a dissolved company
• Why Companies House rejects filings
• Companies House authentication codes
• Software only accounts filing at Companies House
• Companies House powers to query and remove information
• The registered email address requirement
• The lawful purpose statement
• Removing personal information from the public register
• Companies House fees
• Which resolutions must be filed at Companies House
• Reporting fraudulent filings at Companies House
• The Register of Overseas Entities
• Registering an overseas company’s UK establishment
• Keeping company registers at an alternative location
• Moving a registered office between UK jurisdictions
• Different classes of shares
• Alphabet shares and dividend flexibility
• Transferring shares in a private company
• What happens to shares when a shareholder dies
• Pre emption rights on new shares and transfers
• Drag along and tag along rights
• Shareholders’ agreements
• Share certificates
• The share premium account
• Partly paid shares and calls
• Subdividing or consolidating shares
• Redeemable shares
• Converting or redesignating share classes
• Issuing shares for non cash consideration
• Bonus issues and capitalisation of reserves
• Financial assistance for the purchase of own shares
• Good leaver and bad leaver provisions
• Protection for minority shareholders
• Treasury shares
• Nominee shareholders
• Varying class rights
• Share option agreements: key legal terms
• Convertible loan notes
• Advance subscription agreements
• Valuing shares under the articles: fair value clauses
• Warranties and indemnities when selling a company
• Distributable reserves under Part 23
• Interim and final dividends
• Relevant accounts for a distribution
• Capital contributions: funding a company without new shares
• Dividends in specie
• Realised and distributable profits guidance
• Intra group transfers at undervalue as distributions
• Paying dividends up a group structure
• Cumulative preference dividends and arrears
• Written resolutions for private companies
• Ordinary and special resolutions
• Board meetings: procedure and quorum
• Writing board minutes
• Calling a general meeting: notice periods
• Do private companies need an AGM
• Members requisitioning a general meeting
• Proxies and voting at general meetings
• Virtual and hybrid company meetings
• Decisions by a sole director
• Informal unanimous consent: the Duomatic principle
• Shareholder deadlock in 50:50 companies
• Private companies limited by shares
• Companies limited by guarantee
• Community interest companies
• The CIC34 report and the CIC Regulator
• Public limited companies: requirements
• Unlimited companies
• Charitable incorporated organisations
• Co operative and community benefit societies
• Re registering a company as a different type
• Articles of association and model articles
• The memorandum of association
• Setting up a holding company: legal steps
• Choosing a structure for a social enterprise
• Right to manage companies
• Flat management company directors’ duties
• The Economic Crime and Corporate Transparency Act explained
• Authorised corporate service providers
• Compulsory strike off by Companies House
• Limited partnership reforms
• Corporate criminal liability: the senior manager test
• Shareholder identity information on the register
• The end of keeping registers at Companies House
• False statements to Companies House: the offences
• Companies House data sharing with other agencies
• ECCTA implementation timeline
• When is a company insolvent: the two tests
• Creditors’ voluntary liquidation
• Members’ voluntary liquidation
• Compulsory liquidation
• Validation orders after a winding up petition
• Company administration
• Pre pack administration
• Company voluntary arrangements
• Restructuring plans under Part 26A
• The Part A1 moratorium
• Fraudulent trading
• Preferences in insolvency

Tax investigation insurance

• What is tax fee protection insurance
• Tax investigation insurance
• Why use a broker
• Is it worth it
• How much an investigation costs
• What it does not cover
• For limited companies
• For sole traders
• For contractors
• For landlords
• Cover for partnerships and LLPs
• Cover for CIS subcontractors
• Cover for crypto investors
• Broker, direct or accountant scheme
• Buying cover after HMRC writes
• Do I need it if I have an accountant
• Cover for online sellers
• Cover for holiday let owners
• Cover for gig economy workers
• Cover for company directors
• Cover for employers
• Cover for VAT registered businesses
• Making Tax Digital and HMRC enquiries
• Cover for new businesses
• Cover for construction contractors
• Cover for hospitality businesses
• Cover for content creators
• Cover for taxi drivers
• Cover for non resident landlords
• Cover for property developers
• Cover for high earners
• Cover for freelancers

How this wiki connects to cover

Many of the topics here are exactly the areas HMRC examines: expenses, directors’ loans, VAT thresholds, benefits, IR35 and the way company owners take income. If HMRC opens an enquiry or a compliance check, the professional fees to defend you can run into thousands of pounds even when your figures are correct. A Solar Protect policy can cover up to £100,000 of your own accountant’s fees, with no excess, and you keep using your own accountant. To see what cover would cost, get a quote or contact us.