17-09-2020
Furlough Scheme changes September 2020
As our readers will no doubt be aware, the Coronavirus Job Retention Scheme (CJRS) is closing on 31 October 2020. The scheme moved to a more flexible working arrangement from 1 July 2020 to allow employees to resume part-time working and to begin to ease employers away from their reliance on the scheme.
These changes continued with effect from 1 Read more..
17-09-2020
Companies with a 31 December year end
For companies with taxable profits of up to £1.5 million the payment of any Corporation Tax is due 9 months and 1 day after the end of your accounting period. The accounting period is usually the financial year of your business but can be different especially in the first year of business.
This deadline means that companies with the popular year Read more..
17-09-2020
Working from home tax claim
If you do not receive compensation from your employer you can still claim tax relief for some expenses that result from home working. HMRC will usually allow you to claim tax relief if you use your own money for things that you must buy for your job and you only use these items for work. You must make a claim within 4 years of the end of the tax Read more..
17-09-2020
Video-witnessed wills
The Ministry of Justice (MoJ) has confirmed that video witnessed wills in England and Wales will be made legal during the coronavirus pandemic. The change in law to introduce this measure is due to come into force later this month - the reforms will be backdated to 31 January 2020 - the date of the first confirmed coronavirus case in the UK.
This Read more..
17-09-2020
VAT on compensation payments
HMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following recent judgments of the Court of Justice of the European Union (CJEU). HMRC has said that this will impact anyone who charges their customers to withdraw from agreements to supply goods or services.
Previous Read more..
17-09-2020
Relief for self-employed trading losses
There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading loss for any partnerships they are involved with.
For the 2020-21 tax year, trade losses can be relieved in a number of ways. This includes Read more..
17-09-2020
Carry Corporation Tax losses back
Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same accounting period.
Where the amount of a trading loss exceeds the profits of the same accounting period, the Read more..
17-09-2020
The private pensions’ annual allowance
The annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered annual allowance increased from £150,000 to £240,000.
This means that anyone with income below £240,000 is no longer affected by the tapered annual allowance rules. Read more..
17-09-2020
Free domestic abuse advice line for employers
A new advice line for employers who are supporting employees experiencing or at risk of domestic abuse has been launched by domestic abuse charity Hestia. The Everyone’s Business Advice Line, which is being funded by the Home Office, will be a point of contact for employers, advising them on how to approach disclosures of domestic abuse by their Read more..
17-09-2020
Coronavirus testing guidance for employers
The government has published detailed new guidance for employers on the regulations and legal obligations relating to running internal workplace coronavirus (COVID-19) testing programmes, i.e. those which are outside of the NHS Test and Trace service. The guidance covers:
legislation, regulations and best practice surrounding the testing Read more..