Employees working from home due to the coronavirus pandemic can continue to claim tax-relief on costs not reimbursed by their employer, but a new claim will need to be made for the 2021/22 tax year. Normally, employers can pay a tax-free allowance of up to £6 per week/£26 per month to employees required to work … Read more
Having decided on your business idea, you need to start to put some structured thoughts together in the form of a Profit & Loss Forecast to see how good an idea it is and then a Cashflow Forecast to see if the idea works initially for 12 months and then for 3 years. The Profit … Read more
The deadline for paying outstanding tax liabilities or setting up a Self Assessment payment plan is the 1st April. This will avoid incurring penalty charges for Self Assessment. Last month, HMRC said that due to the impact of the COVID-19 pandemic, they were giving Self Assessment taxpayers more time to pay their tax or set … Read more
Families reap the benefits of Tax-Free Childcare Families using their Tax-Free Childcare accounts to pay childcare costs are benefiting from a government top-up worth up to £500 every three months. However thousands of families across the UK are missing the chance to save money on childcare. The scheme allows parents or carers who have children … Read more
The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to £10 million per business once the existing Covid-19 loan schemes close. This will provide support as businesses recover and grow following the disruption of the pandemic and the end of the transition period. The … Read more
With the upcoming SEISS fourth grant HMRC have issued new guidance. The SEISS (Self-Employment Income Support Scheme) has been extended until September 2021 there have been some changes to the eligibility. This will now be based on the submitted 2019-20 tax return. Who can claim To be eligible for the fourth grant you must be … Read more
As part of the Budget released 3rd March, 2021 the UK Government has announced further support for employers and the self employed. Help for Employers: The personal tax allowance will increase from £12,500 to £12,570 for the new tax year 2021-22 and the plan is to keep it at this level until 2026. The higher … Read more
The VAT reverse charge for construction is effectively an extension of the Construction Industry Scheme (CIS) and applies only to transactions that are reported under CIS and are between VAT-registered contractors and sub-contractors. The scheme means that those supplying construction services to a VAT-registered customer will no longer have to account for the VAT. Instead, the customer will account … Read more
Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HM Revenue and Customs (HMRC) has announced. The payment deadline for Self Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a … Read more
As of 6th April 2021 new off-payroll working rules come into effect. These will affect contractors who work through their own limited company, HMRC have compiled a factsheet for contractors who think they may be affected. Who The Rules Apply To Some rules already apply to all public sector clients, but from 6 April 2021 … Read more
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