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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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Covid-19: Business rate help for smaller businesses

Covid-19: Business rate help for smaller businesses

As the Government’s response to the Covid-19 pandemic evolves, various measures have been announced to help business struggling to cope with the impact of the virus. The measures include help through the business rate system for smaller businesses and those in certain...

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Deferring your state pension

Deferring your state pension

If your contributions record is sufficient, you will be entitled to the state pension on reaching state pension age. The age at which you reach state pension age depends on when you were born. To qualify for a full single tier state pension (set at £168.60 per week...

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Utilising the 2019/20 dividend allowance

Utilising the 2019/20 dividend allowance

The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. As the end of the 2019/20 tax year draws...

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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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Beware of triggering an IHT bill on Christmas gifts

Beware of triggering an IHT bill on Christmas gifts

When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making a gift, it is important...

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