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Category: Tax

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Virtual Staff Xmas Party – The tax break

Virtual Staff Christmas Parties – The tax break Due to the coronavirus restrictions, many businesses will be unable to host the usual Christmas Party for employees. HMRC have are confirm that the annual parties’ exemption will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties.Therefore,…
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VAT or Income Tax Deferred due to Covid 19 and due in January 2021

VAT or Income Tax Deferred due to Covid 19 and due in January 2021 At the beginning of the coronavirus pandemic, the government gave individuals and  businesses the option to defer, until 2021, payments of Income Tax due by 31 July 2020 and VAT due in the period 20 March to 30 June 2020. This…
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Chancellor unveils new Job Support Scheme

The new Job Support Scheme What is it? • The Job Support Scheme is designed to protect viable jobs in businesses who arefacing lower demand over the winter months due to Covid-19, to help keep theiremployees attached to the workforce. The company will continue to pay itsemployee for time worked, but the burden of hours…
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Maintaining your NIC contributions record during Covid-19

Maintaining your NIC contributions record during Covid-19 The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their…
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Are the Coronavirus payments taxable ?

Tax implications of Covid-19 support payments Various support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and…
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SEISS – Second Grant

Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after…
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Making Tax Digital to be Extended from April 2022

Making Tax Digital to be extended from April 2022 A couple of days ago there was an announcement that was hidden away from most taxpayers but the implications of which will have a major effect on many. After delay after delay caused by Brexit and now Coronavirus the government have now announced they will be…
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Deferring your July payment on account – Is it is good idea?

Deferring your July payment on account – Is it is good idea? To help those suffering cashflow difficulties as a result of the Covid-19 pandemic, the Government have announced that self-assessment taxpayers can delay making their second payment on account for 2019/20. The payment would normally by due by 31 July 2020. Under self-assessment, a…
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A beginners guide to business expenses

Business Expenses – A few basic rules Over the years I have seen some amazing claims for what taxpayers believe should be an allowable expense against their profits. From make-up to pet food for the guard dog. With this in mind I thought it worthwhile just going back to a few basic rules. The “Wholly…
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Dividends

What is a Dividend ?

What is a dividend? One of the most common questions I am asked is whether a Company Director / Shareholder can take a dividend to reduce their corporation tax bill ? I believe it is a popular misconception that a dividend is some sort of business expense that helps to reduce bills but it most…
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