Find out whether your garden office could be a business expense. What is it? Working from home has been the dream for countless people across the country, and because of Covid-19 they have been doing, though not quite in the manner many expected. If Covid-19 continues and more people are working from home, there is… Read more »
Posts Tagged: UK tax claim
Get back on your bike!
Find out about the Government’s new “Fix Your Bike” initiative, which aims to get the country cycling! What is it? The Government is handing out thousands of £50 vouchers for people to get their bikes fixed. The hope is that this will boost the retail sector and get cash flowing again, as well as improving… Read more »
Amnesty for Furlough Breaches
Find out about the Government’s amnesty for Furlough rule breakers. What are the furlough rules? If an employee is furloughed then they cannot undertake remunerative work for the employer. This means that they cannot do any work for that employer, or a company linked to that employer. However, they can take part in training, they… Read more »
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 viable,… 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 man… 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 »
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 »
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 »