Tax relief Archives - Page 2 of 5

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...

Reporting expenses and benefits for 2020/21

Reporting expenses and benefits for 2020/21 Employers who provided taxable expenses and benefits to employees during the 2020/21 tax year will need to report these to HMRC, on form P11D...

Personal and family companies – Optimal salary for 2021/22

Personal and family companies – Optimal salary for 2021/22 A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employmen...

The difference between legal and illegal dividends

Legal v illegal dividends There are many differences between legal and illegal dividends that as a business you need to be aware of. Changed business conditions in light of the Coronavirus pandemic have caused many companies to review thei...

Electric cars from April 2021 – what you need to know!

Electric cars from April 2021 For 2020/21, it was possible to enjoy an electric company car as a tax-free benefit. While this will no longer be the case for 2021/22, electric and low emission cars remain a tax-efficient benefit. How are electric cars taxed?...

Paying family members

Paying family members Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including matters of trust and reliance etc. There may also be financi...

Terminal loss relief

Terminal loss relief Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special...

Making tax-free payments to employees working from home

Making tax-free payments to employees working from home As a result of the Coronavirus (COVID-19) pandemic, many workers have been forced into working from home. While working from home saves the costs of commuting to the workplace and perhaps allows workers to adopt a mor...

Reporting low emission cars – Changes from April 2020

Reporting low emission cars – Changes from April 2020 From 6 April 2020, new appropriate percentage bands – and new lower charges for low emission cars – will ...

The Budget 2020

The Budget 2020 Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...

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