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