Posts Tagged: friday

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 »

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 »

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 »

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… 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.  … 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 »

New Credit Note Rules

New rules for credit notes came into effect in September 2019.     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. Since 1st September 2019 you can only reduce the output… Read more »

Is employing family tax efficient?

Putting family on your payroll can be tax efficient if HMRC allow it, but what happens if they challenge it?     For an expense to be tax deductible it has to be incurred wholly and exclusively for business purposes. If you employ your family members, this may gain HMRC’s interest.   HMRC will want… Read more »