by Karen | Jul 14, 2021 | Accounting, HMRC, Tax
During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the workplace, and homeworking (whether fully or flexibly) is...
by Karen | Jul 7, 2021 | Accounting, HMRC, Tax
For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed outside the company in the form of dividends. However, while there are no restrictions on taking a salary if the...
by Karen | Jun 17, 2021 | Accounting, HMRC, Tax
With assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. A negligible value claim can be made either on the...
by Karen | Jun 10, 2021 | Accounting, Benefits, Covid-19, HMRC
Amend your PSA for Covid-19 related benefits A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful to preserve the goodwill nature of a benefit. Not all benefits are suitable...
by Karen | Jun 4, 2021 | Accounting, Business Costs, Covid-19, HMRC, Tax
If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills. There are various ways of doing this. However, a popular and tax efficient...
by Karen | May 26, 2021 | Accounting, Covid-19, Financial planning, HMRC, Tax
To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remain at their 2021/22 levels until 6 April 2026. Those affected are outlined below. Personal...
