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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
I need help with debt, could an IVA be right for me?
What is an IVA? An IVA is a way of dealing with your debt, protecting your assets and avoiding bankruptcy. An Individual Voluntary Arrangement (IVA) is a private, legal contract between you and your creditors. How much you pay...
RTI penalties and period of grace
RTI penalties and period of grace Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). Pe...
Relief for losses in the early years of a trade
Relief for losses in the early years of a trade It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the ...
Tax relief on loans to close companies
Tax relief on loans to close companies Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders all of whom are directors. In a ...
Termination payments and Class 1A National Insurance
Termination payments and Class 1A National Insurance As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to decide whether they are able to bring the employee back to work, either full time or part time, or ...
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...
Take dividends while you can For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed outside the company in the form of dividends. However, while there are no restrictions on takin...
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 ...
Dealing with problem debt If you are struggling with problem debt, you are not alone. More than eight million people in the UK are reported to have financial difficulties. It can sometimes feel that there is no end in sight, but there are solutions. The...
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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