(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 »
Find out how you could get a tax refund whilst working from home. How much can I get? Where these conditions are met, the employee can receive up to £6 per week from their employer without having to provide supporting evidence for the cost. The costs covered by these payments include the extra cost of:… Read more »
Find out how you could get a bonus for keeping furloughed employees. What is it? The Government announced that as a one off bonus to employers, they can claim £1,000 for every employee who they had furloughed under the Coronavirus Job Retention Scheme (CJRS), and who is kept employed until January 2021. This Job Retention… Read more »
Find out about the expanded Coronavirus help. Job Support Scheme Changes The Chancellor has recently announced an expansion to the help that businesses can claim under the Job Support Scheme. The announcement stated that when a business is forced to close due to local or national restrictions, the Government will pay 67% of the employees’… Read more »
Key Features The Bounce Back Loan Scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000. The government guarantees 100% of the loan and there is no interest to pay for the first 12 months, after which the interest rate will be 2.5% a year. You can move to interest only payments on a… Read more »
1 day to delay tax by 12 months What is the issue? Dividends are generally taxable on the date they were received. This sounds simple, but if the tax rate changes this can be vital to avoid overpaying tax. For example, a dividend was received on the 5th April 2020, then the tax on it… Read more »
Find out about the cash grant for businesses affected by local lockdowns. What is it? The government has announced several local lockdowns, during which some businesses have to close their doors. To help these businesses, and to protect jobs, the Government has announced a new cash grant. You will only be eligible for this grant… Read more »
Find out about the Chancellor’s new Job Support Scheme. What is it? Although the furlough scheme is coming to an end on the 31st of October 2020, the Chancellor has announced the new job support scheme, which will run from the 1st November for 6 months. This will help to pay the wages of workers… Read more »
