Pro-Taxman

Coronavirus measures

Annual investment allowance – Beware the transitional rules

The annual investment allowance (AIA) was increased from its usual level of £200,000 to £1 million for the two-year period from 1 January 2019 to 31 December 2020. As this period draws to a close, it may be prudent to review planned capital expenditure, particularly where this has been put on hold due to the …

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Employees, can you claim tax relief for expenses of working from home?

The Covid-19 pandemic has meant that more employees worked from home than ever before. This trend looks set to continue following the Government’s latest advice to continue to work from home where you can do so. Further, many business plan to embrace flexible working beyond the end of the pandemic, allowing employees to work from …

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Employment allowance – Have you claimed it?

The National Insurance employment allowance enables eligible employers to reduce the amount of employer’s National Insurance that they pay over to HMRC. The allowance, which is set at £4,000 for 2020/21, is available to most employers whose Class 1 National Insurance liability was less than £100,000 in 2019/20, with some notable exceptions, including companies where …

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Paying back deferred VAT

At the start of lockdown, the Government announced a number of measures to help businesses weather the pandemic. One of those measures was the option for VAT-registered businesses to defer VAT payments that fell due between 20 March 2020 and 30 June 2020. This window meant payment of VAT for the following quarters could be …

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Homeworking equipment and returning to the office

Before the Government U-turn, many employees had started to return to office-based jobs. Where the employee had previously worked from home and had been provided with homeworking equipment, there may be tax implications to consider if the employee is allowed to keep the equipment for personal use. The tax implications will depend on the way …

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Preparing for 2021 changes: Customs grants available

In June 2020, the Government announced that it was making funding available to customs intermediaries and businesses to help increase their capacity to make customs declarations. Broadly, businesses need to prepare ahead of new procedures coming into play in 2021 following the end of the UK’s EU withdrawal transition period. As well as injecting a …

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Kickstart Scheme

In the July Economic Statement, as part of his Plan for Jobs, Chancellor Rishi Sunak announced that a new Kickstart Scheme would shortly be launched with the aim of creating hundreds of quality jobs for young people aged between 16 and 24 years old. The details of the scheme have been slow coming, but it …

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Loans to Employee

As a business owner you can loan your employees up to £10,000 – but what are the tax implications? Find out more below.

Hardship loans to employees To help employees out during the Covid-19 pandemic, employers may provide ‘hardship’ loans to employees. Where loans are provided, what are the tax implications? No special rules There are no special relaxations to deal with loans provided to help employees meet financial obligations during the Covid-19 pandemic; the usual rules for …

As a business owner you can loan your employees up to £10,000 – but what are the tax implications? Find out more below. Read More »

Company Car for Private Use

The extent to which a company car remains available for an employee’s private use explained.

Company car ‘availability’ during the Covid-19 pandemic For many, their working patterns changed as a result of the Covid-19 pandemic. Some employees were required to work from home, some were furloughed, while those with certain health conditions were required to shield. If the employee has a company car, is a deduction available for periods during …

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self-employed and business owners

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 flexibly furloughed employees are included in …

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