As the 2020/21 tax year draws to a close, many employees will have spent much if not all of the last year working from home. While the tax system enables employers to pay employees a tax-free allowance of £6 per week (£26 per month) to cover the additional household costs…
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As a CIS contractor on top of the normal issues surrounding whether to be a limited company or a sole trader, are there any CIS specific issues to be aware of? From a Construction Industry Scheme (CIS) point of view ONLY, there is another factor that can affect your decision…
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The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. Up to £10 million is available per business. The actual amount offered, and the terms, are at the discretion of participating lenders. The government guarantees 80% of…
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Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the loss. To help loss-making businesses, legislation is to be introduced…
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The Construction Industry Scheme (CIS) is a scheme whereby contractors of building firms are required to deduct tax at source from payments made to sub-contractors working for them. Some sub-contractors are entitled to be paid without any tax deduction, others at 30% as per HMRC‘s instructions but the majority have…
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When it was first introduced in 2000, the Enterprise Management Incentive (EMI) scheme had an initial life expectancy of around five years, but arrangements proved to be so popular with employers and employees alike that the scheme is still going strong some twenty years on. In broad terms, the EMI…
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The government is currently undertaking a fundamental review of the current business rates system, including ideas for possible change and a number of alternative taxes. Conclusions and any changes are likely to be forthcoming in Spring 2021. Many businesses feel that the current system for calculating business rates is antiquated…
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A landlord running an incorporated business is likely to need to use their own car for the purposes of the business. Where this is the case, what can they claim by way of expenses? Two options Costs incurred wholly and exclusively for business purposes can be deducted when working out…
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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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The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of £10m is to…
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