Posts Categorized: Friday Tax Tip’s

Can Evolution and Innovation Reduce Tax?

Could you be missing out on tax relief by misinterpreting Evolution and Innovation?   Are we Innovators? If you ask most business owners if their business is at the forefront of innovation they will probably say no. However, if you ask them whether the business has kept up with the market trends to keep commercially… Read more »

Tax relief on pension contributions

Following HMRC’s victory in court they could reclaim millions of pounds in tax.   What contributions are there? If you are a UK taxpayer you can get tax relief on pension contributions of up to 100% of you earnings, or £40,000 whichever is lower. This means that some money that would otherwise go the tax… Read more »

Self-Employment Grant Two

Find out about the next Self-employment Support Grant.     What Is It? The Chancellor has announced a second grant for eligible self-employed people affected by Coronavirus. This will cover the period from June to August. The Chancellor also announced that this will be the LAST grant the government will give to people. Of the… Read more »

Tax Relief When Working From Home

HMRC allows some generous tax reliefs for both employees and the self employed who are working from home. If you are working from home, then you may be entitled to claim tax relief. This is restricted to the purchase of items “wholly, exclusively and necessarily” for work. This may include: The additional cost of gas… Read more »

Income Tax Deferral for the Self-employed

What help is available from HMRC?     What is it? The Self-Assessment payment on account, that is ordinarily due to be paid by July 2020 may now be deferred until January 2021. This deferral is optional, and you can pay the second payment normally if you wish, to avoid a large payment in January… Read more »

Some workers may be better off thanks to furlough

Find out how employees could be better off thanks to the Government’s furlough scheme.     What is furlough? The Government’s furlough scheme allows companies to retain staff through the Coronavirus, whist the government pays up to 80% of the employee’s wages.   How can employees be better off? During the period of furlough the… Read more »

What Cash Help are you Entitled to?

Use this tool to see what cash help you are entitled to.     What help is there? The Government introduced the Small Business Grants Fund and the Retail, Leisure & Hospitality Grants Fund Since launch over £7 Billion in grants has been paid out to small businesses. The grants are between £10,000 and £25,000… Read more »

£50,000 Quick, Easy, No Security

How the government’s new “bounce-back loans” can help you.     What are they? These new “bounce-back loans” are 100% government-backed loans for small businesses. They are aimed at unblocking the backlog of credit checks by banks amid fears that small firms could fold before getting the loans they need.   Key Features Starting Monday… Read more »

Coronavirus Business Interruption Loan Scheme

  The scheme is now open for applications. All major banks are offering this scheme. The scheme is delivered through commercial lenders, backed by the Government-owned British Business Bank. The CBILS guarantee is to the lender and not the business. Under this scheme, the Government provides the Lender a guarantee for 80% of the loan…. Read more »

Coronavirus Job Retention Scheme

What is it? The Coronavirus Job Retention Scheme (CJRS) applies to all employers with a PAYE scheme. These employers will be able to access support to continue paying part of their employees’ salaries for those that would have otherwise have been laid off during the crisis. This scheme applies to employees who have been asked… Read more »