Coronavirus Job Retention Scheme On Friday the Chancellor announced the Coronavirus Job Retention Scheme (CJRS). Although the Government has yet to announce all the details, there is still some useful information that we already know. What does furlough mean? To be eligible for the scheme the employee must be furloughed. Furlough leave has been introduced… Read more »
Posts Categorized: Friday Tax Tip’s
Corona Virus Cash Help
Find out how the government is helping your business through the Corona virus. The Chancellor announced an expansion of Business Rates Relief. The current retail discount of 50% will be increased to 100% for 2020-2021, meaning nearly half of all properties in England will pay no business rates for the year. As well as increasing… Read more »
Changes to Annual Investment Allowance
Find out how Annual Investment Allowance (AIA) is changing from 31st December 2020. AIA lets you deduct 100% of qualifying expenditure from your tax bill. It has been capped at £1,000,000 for the years 2019 and 2020. However, from 31st December 2020 the cap is being lowered to its previous level of £200,000. During the transition… Read more »
Avoiding the Pension Cap
Thousands of people may have unexpected tax bills, because they have contributed too much to there pension schemes. Most people are entitled to contribute up to £40,000 a year into a private pension tax-free. This cap applies across all of your pension schemes, and includes contributions made by employers, or on your behalf by someone… Read more »
Big Changes with Employment Allowance
The current rules on employment allowances are undergoing big changes in April 2020. From April 2014 employers have been entitled to £3,000 off their National Insurance bill. But from April 2020, employers will only be eligible if their total secondary Class 1 NIC liability was under £100,000 in the previous tax year. This… Read more »
Big Change with Capital Gains
From 6th April 2020 there are three changes that will affect Capital Gains Tax. Currently you file your Capital Gains Tax in your Tax Return. This means you have until the 31st January to declare it. However, from the 6th April 2020 you will have 30 days following the sale to submit your provisional… Read more »
Non staff entertainment: Claiming VAT on entertaining on Valentine’s Day
Claiming VAT on entertaining non-staff is usually not allowed, but there are certain times when you can do it. The input VAT is usually not claimable on the costs of entertaining non-staff. This rule also applies to staff whose role is to look after the guests and make sure they enjoy themselves. It is possible, however,… Read more »
Stripping away what a dancer can and can’t claim
When in dispute with HMRC case law can be helpful. Daniels v HMRC is one such case where HMRC took on an exotic dancer. Ms Daniels, the dancer in question, had been claiming all the expense incurred when travelling from her home to Stringfellows and back again. Travelling costs are only allowed between… Read more »
Tax Allowances When working From Home
The amount you can claim when you work from home depends on several conditions. The general tax rule is that deductions are only allowable where the expense has been incurred wholly and exclusively for work. This means that the tax relief can only be allowed for; The additional cost of gas and electricity… Read more »
VAT credit note
New rules for credit notes came into effect in September 2019. Find out more about VAT credit notes and how they affect you. You are more likely to reduce the price of goods than increase them, for example if the goods are faulty. Credit notes can reduce the VAT accounted for on the original invoice…. Read more »