(2 Minute Read) Tax relief on unwanted Christmas gifts! What is it? If you’ve got some unwanted presents you could claim tax relief for them. To do this you can’t just give the unwanted socks to charity. This is because the legislation for the Gift Aid scheme says it is “Relief for some gifts of… Read more »
(2 Minute Read) Receive more money from our friend Sunak… What is it? The Chancellor has annouced a new £4.6 billion support deal for the retail, hospitality and leisure sectors during the current lockdown. Due to the lockdown non-essential businesses have been forced to close until the 15th February at the earliest. Businesses forced to… Read more »
(3 Minute Read) Get funding for recruitment, IT, and training… What is it? A new Government grant to help businesses complete customs declarations. The grant will give you £3,000 towards recruitment costs for each new employee, though upfront costs won’t be covered for employees being redeployed in the business. You can also get up to… Read more »
(1 Minute Read) Plans for a new loan scheme for small businesses up to £10m… What is it? A new taxpayer-funded loan scheme is being drawn up by the Treasury. The new scheme will be aimed at increasing small business lending to help recovery from the pandemic. The new scheme is set to replace the… Read more »
(2 Minute Read) Furlough claims over the Christmas holidays… Can I use furlough for holiday leave? Furlough, or the Coronavirus Job Retention Scheme (CJRS), can only be used if an employer can’t keep their normal workforce because of Covid-19. You can’t furlough an employee just for their holidays. However, if an employee is flexibly furloughed… Read more »
(4 Minute Read) Here are the concessions HMRC has made during COVID-19. Self-Assessment Tax Returns for the 2018/2019 year which are filed more than three months late will not be subject to daily penalties, however, all other filing penalties will be charged, unless you can show a reasonable excuse. If the 2018/2019 Tax Return was… Read more »
(2 Minute Read) Find out about HMRC’s changes to Private Residence Relief. What’s changing? Until 5th April 2020, where a home was transferred between spouses, the recipient inherited the spouse’s ownership history, but only as long as the property was the transferring spouse’s only or main residence at the time of transfer. This would mean… Read more »
(2 Minute Read) Find out how you can still have your office party at the taxman’s Expense! What are the normal rules? The event must be primarily for entertaining staff and must be open to all staff. If you have multiple locations it must be open to all staff in that location. The total cost… Read more »
(4 Minute Read) Claim your fair share before it’s too late! Employers and Employees A. Working From Home Working from home. Employees may have to work from home due to the Coronavirus. Any additional costs which arise because of this can either be reimbursed by the employer, or tax relief can be claimed directly from… Read more »
(2-Minute Read) Find out about the implications of lending your company money Can I lend my business money? Most small companies start trading with money borrowed from the directors, which can later be paid back. These loans are typically done through informal “director’s loans“. This loan doesn’t have to be in the form of money,… Read more »
