Posts Tagged: tip

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 »

What Cash Help are you Entitled to?

Use this tool to see what cash help you are entitled to.     What help is there? The Government introduced the Small Business Grants Fund and the Retail, Leisure & Hospitality Grants Fund Since launch over £7 Billion in grants has been paid out to small businesses. The grants are between £10,000 and £25,000… 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 »

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 »

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 »

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 »

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 »