The rent-a-room scheme allows those with a spare room in their home to let it out furnished and to receive rental income of £7,500 tax-free each year without the need to declare it to HMRC. Where more than one person receives the income, each can receive £3,750 tax-free. The limits…
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VACCINE OPTIMISM – WILL THE LOCKDOWN END? The UK Government approving the Pfizer vaccine is all we are hearing in the news these days and who will be first to be offered and how the vaccine will be rolled out and, rightly so, people are more optimistic about the ending…
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Despite the unprecedented times that we find ourselves living in, companies can still celebrate Christmas in a tax-free style – even if this means having a virtual Christmas party. Although there is no specific allowance for a Christmas party, or any other employer-provided social function, HMRC does allow limited tax…
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Covid 19: Furlough Scheme Extended The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. Furlough scheme will remain open until December, with employees receiving 80% of their current salary for hours…
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At the end of the transition period, the e-Commerce Directive will no longer apply to the UK. You should begin to prepare for these changes now. The following has been extracted from the Government website: Changes from 1 January 2021 Rules relating to online activities in European Economic Area (EEA)…
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The deadline for submitting your Self-Assessment online, and paying any tax you owe, is midnight on the 31st January. If you prefer to submit a paper based return, the submission deadline is 31st October. But what happens if you are late in submitting your tax return? Unfortunately you’ll face an…
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It’s easy to overlook sorting out your insurance cover when starting up a brand new business. Ideally though, you shouldn’t really be stepping one (metaphorical) foot into the marketplace until you’re adequately protected. Arranging insurance cover for your new start-up venture isn’t as simple as ticking from a selection of…
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A good way to invest money can be done by buying a property in order to rent it out to tenants. However, no investment is ever completely safe. That said, buy-to-lets aren’t as straightforward as investing your money in something and simply hope for your investment to grow. Landlords have…
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Chancellor Rishi Sunak has outlined the UK Government’s Winter Economy Plan on the 25th of September, to help protect jobs across the UK amidst the uncertain winter that is just around the corner. The Winter Economy Plan is designed to manage the nation’s fragile economic recovery, while ensuring that the…
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The Government announced the Employment Wage Subsidy Scheme (EWSS) on 23rd July 2020. This is a country wide enterprise support that focuses primarily on a business’s eligibility. The scheme offers a flat-rate benefit to qualifying organizations depending on the numbers of paid and eligible employees on the payroll. The Employment…
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