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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 benefit – there are some important exclusions. Eligible...

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Tax allowances frozen until April 2026

Tax allowances frozen until April 2026

The financial impact of the Covid-19 pandemic is unprecedented and borrowing levels in 2020/21 of 16.9% of GDP represent the highest level of peacetime borrowing. To meet some of this cost, the Chancellor, Rishi Sunak, announced in the 2021 Budget that various...

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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 grant support for self-employed individuals whose business has been adversely affected by the Covid-19 pandemic. An extension to the scheme was announced at the time of the 2021 Budget. As a result, it...

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Budget 2021-2022

Budget 2021-2022

On 3 March 2021, the Chancellor, Rishi Sunak, submitted his budget for 2021 with the following highlights: Extension of the Coronavirus Job Retention Scheme till September Until the ninth month of the year 2021, the Coronavirus Job Retention Scheme will remain...

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Exploiting the staycation trend – Buying a holiday let

Exploiting the staycation trend – Buying a holiday let

Those looking to buy an investment property may wish to consider a holiday let. Not only do the second and subsequent homes benefit from SDLT savings as a result of the temporary increase in the SDLT threshold, they can also benefit from the favourable tax regime for...

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Preparing for 2021 changes: Customs grants available

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...

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Employment allowance – Have you claimed it?

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...

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Paying back deferred VAT

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...

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Statutory redundancy pay and furloughed employees

Statutory redundancy pay and furloughed employees

As the Coronavirus Job Retention Scheme draws to a close, employers may face the difficult decision to make some employees redundant. Legislation was introduced at the end of July to protect furloughed employees. Entitlement An employee is entitled to statutory...

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Reduced rate of VAT for hospitality and leisure

Reduced rate of VAT for hospitality and leisure

The hospitality and leisure industries have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, a reduced rate of VAT of 5% rather than the standard rate of 20% will apply to certain supplies for a limited...

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Bonus for retaining staff when CJRS comes to an end

Bonus for retaining staff when CJRS comes to an end

The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline to millions of employees and their employers during the Covid-19 pandemic. As at 19 July 2020, 9.5 million employees had been furloughed by 1.2 million employers, benefitting from support totalling...

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Reclaim SSP for Covid-19 absences

Reclaim SSP for Covid-19 absences

Small employers can now reclaim statutory sick pay (SSP) paid to employees who were absent from work due to the Coronavirus. The online claim service went live on 26 May 2020. Employers can use the scheme to claim back SSP paid to an employee who is eligible for SSP...

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What can be done with property rental losses?

What can be done with property rental losses?

During the COVID-19 pandemic, landlords may find that tenants are unable to pay their rent, and, when a let comes to an end, that they are unable to re-let the property, or have to accept lower rent. As a result, they may make a loss on their property rental business....

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Making tax-free payment to employees working from home

Making tax-free payment to employees working from home

As a result of the Coronavirus (COVID-19) pandemic, many workers have been forced to work from home. While working from home saves the costs of commuting to the workplace and perhaps allows workers to adopt a more relaxed dress code, there are also costs associated...

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Party time for small companies

Party time for small companies

Although there is no specific allowance for a Christmas party, or any other employer-provided social function, HMRC do allow limited tax relief against the cost of holding an ‘annual event’ for employees, providing certain conditions are met. Broadly, the cost of...

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