As a director of a limited company, you are probably keen to know the most tax efficient way to take money from the company personally. This is usually by taking a combination of salary and dividends from the limited company. The salary is paid in the same way you’d pay a regular employee and needs to be reported via the HMRC’s Real Time Information (RTI) rules.
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Have you been required to work from home, even for one day since 6 April 2020? Then you may be entitled to claim for expenses for the whole of the 2020-21 tax year
You have always been able as an employee to claim expenses for working from home if your employer requires you to work at home. This has become much more relevant during the 2020/21 tax year due to the COVID-19 pandemic. HMRC has confirmed that claims from employees working at home due to coronavirus measures, if their usual workplace is closed, count as working from home for tax purposes.
Continue readingHMRC’s new creditor status – how will it affect you?
From 1st December, under the Finance Act 2020, HMRC will regain its status as a ‘preferential creditor’ meaning it will be repaid certain outstanding taxes, including Employees’ PAYE and National Insurance Contributions, VAT and CIS, ahead of lenders’ floating charges and suppliers if a business becomes insolvent.
Continue readingNo VAT on (some) B2C services to EU customers
If you’re a UK-based business providing a service to a consumer living in the EU, you may no longer need to charge VAT on your invoices after the end of the Brexit transition period – saving your clients money and also helping you to win new business.
Continue readingSelf employed traders must respond to HMRC’s email or risk losing SEISS
Check your October emails. HMRC have emailed approximately 24,000 self-employed traders who have claimed a self-employed income support (SEISS) grant asking whether they were still trading – if you have received an email you must respond to HMRC by 20 November 2020 or you won’t be able to make a further claim for another SEISS grant
Continue readingFurther Furlough Guidance for Claim Periods from 1st November 2020 – CJRS
The government has published further guidance regarding the extended furlough scheme today (11th November 2020). The basic workings of The Coronavirus Job Retention Scheme have not changed – the scheme will remain open until 31 March 2021. From 1 November 2020 you can claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.
Continue readingTwo further SEISS Grants available for sole traders whose business has been negatively affected by Covid19
The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods. Grant 3 covering November 2020 to January 2021 and Grant 4 February 2021 to April 2021.
Continue readingLockdown 2.0 SEISS: What support is there if I am self-employed?
URGENT UPDATE: 3.40pm Monday 2nd November – The third SEISS grant for November has just been increased from 40% of your average monthly profits to 80% – December and January 2021 are still currently at 40%
If you are self employed you still have access to two more SEISS grants as part of the Winter Economy Plan with the third SEISS grant for November covering 80% of your average monthly profits.
Continue readingGuide to Covid19 business grants available during Lockdown 2.0
With Lockdown 2.0 announced on 31st October 2020 by Boris Johnson, we have published a guide to the subsequent potential business grants available to your business
Continue readingExtension to the Coronavirus Job Retention Scheme (CJRS) – will you now be eligible?
On Saturday 31st October, Boris Johnson confirmed that the CJRS, also known as the furlough scheme, will be extended to cover the period up until the 2nd December 2020. However, it is likely that, if National lockdown restrictions are extended, the furlough scheme will be extended with it.
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