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Pension Contribution Is Tax Efficient For Both Employee And Employer

Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and paid before the end of the accounting period of […]

Read more July 13th, 2021

Tax Free Childcare Account Subsidises Summer Camps

If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account up to £2,000 for each child so […]

Read more July 12th, 2021

Fifth Self-Employed Income Support Grant To Be Paid In July

The fifth (and final) Self-Employed Income Support Scheme (SEISS) grant will be available for the self-employed to claim towards the end of July. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If that test […]

Read more July 12th, 2021

Furlough Grant Reduces To 70% For July

For the month of‌‌ July, the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked. This is despite the fact that “Freedom Day” in England has been delayed four weeks to 19 July 2021, and now called “Terminus Day”. The government support to […]

Read more July 12th, 2021

Does Social Media Marketing Actually Work?

Social media marketing is incredibly popular but how do you ensure it actually works for your business? Time is a finite resource. Social media can be a hugely time-consuming undertaking and if it isn’t employed effectively it can be a waste of time. In order to determine whether your business should invest time, effort and […]

Read more June 22nd, 2021

How To Pivot Your Business Strategy

If your business goes through a tough period, it may be time to pivot your strategy. Necessity is the mother of all invention. Many firms have had to pivot their business strategy due to the current market conditions. In order to pivot your strategy, you will need to start by doing your research, reassessing your […]

Read more June 22nd, 2021

Managing Mental Health In The Workplace

Supporting your team through turbulent and stressful times. After dealing with the effects of the pandemic for over a year, many people are feeling isolated working from home, while others are struggling to manage family responsibilities alongside the demands of their day job. What can businesses do to support their people and help them to […]

Read more June 21st, 2021

HMRC VAT Direct Debit Letters

HMRC are sending out letters to VAT registered businesses advising them that their Direct Debits may be cancelled for VAT if they have not provided their email address to HMRC. In order for HMRC to comply with the UK banking regulations, they must advise you in advance of the amount of VAT they will be […]

Read more June 21st, 2021

Taxation of Self Employed Income Support Scheme

HMRC have now confirmed the basis on which the Self Employed Income Support Scheme (SEISS) will be taxed on individuals. It will be taxed in the tax year in which it was received, rather than being treated as additional income in the accounts year in which it was received. There will be a separate section […]

Read more June 15th, 2021

Car Benefit Reduced Where Unavailable

P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced. During the various lockdown periods, many employees and directors have not been using their company […]

Read more June 15th, 2021

Check That Your Shares Qualify For CGT Business Asset Disposal Relief

A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition […]

Read more June 15th, 2021

Not All Benefits Need To Be Reported On P11d

Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties. Dispensations from reporting are no longer required, although […]

Read more June 15th, 2021

Advisory Fuel Rates For Company Cars June 2021

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2021. Where there has been a change the previous rate is shown in brackets. For wholly electric cars there is a 4p advisory rate. However, for hybrid cars use the equivalent petrol or diesel rate. Note that for […]

Read more June 15th, 2021

Landlord Right To Rent Checks

This update replaces previous guidance issued on 20 April 2021. The temporary COVID-19 adjusted right to rent checks will now end on 20 June 2021, and from 21 June 2021 landlords will revert to face to face and physical document checks as set out in legislation and guidance. This is aligned with the easing of […]

Read more May 21st, 2021

Financial Support From Test And Trace Support Payment Scheme

The £500 Test and Trace Support Payment is for people on low incomes who have to self-isolate due to coronavirus (COVID-19). You may be eligible if you are employed or self-employed, cannot work from home, and will lose income as a result. You can only apply if you’ve been told to self-isolate by NHS Test […]

Read more May 21st, 2021