Posts Tagged: tax returns

Stamp Duty Holiday

(3 Minute Read) The holiday that could save you money! What is it? In July 2020 the Chancellor, our mate Rishi Sunak, announced an SDLT holiday. This is good news for people buying property, but also for spouses transferring property between themselves. Normally, if spouses want to transfer property between themselves then this is not… Read more »

Business support during lockdown!

(4 Minute Read) What help you can claim?… What help is out there? Since the most recent lockdown started on the 5th January 2021, the Government has brought out several schemes to help businesses. The three main grants are: Local Restrictions Support Grant (LRSG) Additional Restrictions Grant (ARG) Closed Business Lockdown Payment top-up grants Find… Read more »

Donate Unwanted Presents, Pay Less Tax…

(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 »

More COVID -19 Grants!!

(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 »

Get Your Brexit Customs Grant

(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 »

Furlough Over Christmas!

(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 »

Concessions from HMRC

(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 »

Tax Changes to Private Residence Relief

(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 »

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 »

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 »