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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

Claim tax relief for additional costs of working from home

Claim tax relief for additional costs of working from home During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the wor...

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Expenses and benefit returns for 2020/21

Expenses and benefit returns for 2020/21 Expenses and benefit returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late. Form P11D A form ...

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Making a negligible value claim

Making a negligible value claim Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. This claim can be made either o...

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National Insurance Contributions and Company Directors

National Insurance Contributions (NIC) and company directors Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules? Directors, particularly of personal and family compan...

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Amend your PSA for Covid-19 related benefits

Amend your PSA for Covid-19 related benefits A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful to preserve the goodwill nature of a benefit. Not all benefits ar...

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No retained profits – Can you extract cash to cover your living expenses?

What should you do if your business doesn’t have enough profits to pay a dividend? If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills. Th...

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Freezing of allowances and thresholds

Freezing of allowances and thresholds To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remai...

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Reduced rate of VAT

Reduced rate of VAT To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 202...

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Can you claim the Employment Allowance for 2021/22?

Can you claim the Employment Allowance for 2021/22? The Employment Allowance is a National Insurance allowance that enables eligible employers to reduce their employers’ (secondary) Class 1 National Insurance bill by up to £4,000. However, not all employers can claim th...

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Further grants for the self-employed

Further grants for the self-employed The Self-Employment Income Support Scheme (SEISS) has provided grants and support for self-employed individua...

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    Director of an owner managed company, wound up by way of a CVL

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