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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When the CJRS was first announced on 20 March it was made clear that in many cases the funds received would be taxable in the hands of the recipient. These packages alone now have made quite a dent in the treasury; it is perhaps no surprise that the Government is…
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If you’ve agreed with your employer to work at home voluntarily, or you choose to work at home, HMRC has updated its guide on the expenses you can claim due to the COVID-19 outbreak. This could be a result of the workplace being closed or because of the government’s decision…
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You can change your company’s year end (also known as its ‘accounting reference date’) to make your company’s financial year run for more or less than 12 months. However, you can only do this for your company’s current financial year or the one immediately before it. Please note that changing…
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Whenever an employee leaves your organization, there are various procedures that are mandatorily required to be followed by the employer. These include informing HMRC that the employee has left your organization and issuing a P45. What you need to do? When an employee leaves, it is important to let HMRC…
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To help those businesses who are suffering as a result of the Covid-19 pandemic, the UK Government have announced that can delay making their second payment on account how and when self-assessment taxpayers can delay making your second payment on account for the 2019 to 2020 tax year. The payment…
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