Posts Tagged: Ilyas Patel

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 »

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 »

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 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 »

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… 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 »