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 man… Read more »
Posts Tagged: Tax
Tax Relief When Working From Home
HMRC allows some generous tax reliefs for both employees and the self employed who are working from home. If you are working from home, then you may be entitled to claim tax relief. This is restricted to the purchase of items “wholly, exclusively and necessarily” for work. This may include: The additional cost of gas… 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 2021. Am… 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 employee cannot work… 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. As… 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 »
Coronavirus Business Aid
Find out what we know about how the Government plans to help your business through the Coronavirus Outbreak. Coronavirus Job Retention Scheme (CJRS) CJRS means all employers will be able to access support to pay part of employee’s salaries to avoid making them redundant during this crisis. This pay will be backdated to 1st March… 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 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 »
