BITS AND PIECES

Director 's picked articles
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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Winding up your personal service company

Winding up your personal service company

Come April, many workers who have been providing their services through an intermediary, such as a personal service company, may find that their company is no longer needed. This may be because they fall within the off-payroll working rules, with the result that...

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What to do if you need to change your tax return

What to do if you need to change your tax return

You made it and filed your self-assessment return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. Can you do this and if so, how and by when? Yes,...

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Recording directors’ expenses correctly

Recording directors’ expenses correctly

It is only permissible for a company to deduct expenditure in computing its taxable profits if incurred wholly and exclusively for the purposes of the trade. Since a company is a separate legal entity that stands apart from its directors and shareholders, it will not...

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Using company vans for tax-free home to work travel

Using company vans for tax-free home to work travel

As a general rule, travel between home and work is regarded as private travel and if the employer meets the cost of that travel, a benefit-in-kind tax charge will be triggered. However, it is possible for employees with a company van to use that van to travel between...

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Allowable finance costs

Allowable finance costs

Although the way in which landlords obtain relief for finance costs on residential properties is changing, there is no change to the type finance costs that are eligible for relief. What qualifies for relief The basic rule is that relief is available for expenses that...

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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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Help employees beat the post-Christmas bulge

Help employees beat the post-Christmas bulge

Promoting employee health and wellbeing is increasingly seen as a vital part of a successful business. According to government figures, in 2016/17, 1.3 million workers suffered from work-related ill-health, which equated to 25.7 million working days lost. This has...

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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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