Wokingham Accountants
If you incur expenses in doing your job, you may be able to claim tax relief. While the rules governing the availability of relief are strict, the process for claiming relief where it is available is relatively straightforward. Availability of tax relief Expenses that may qualify for tax relief include travel expenses incurred in relation … Read more
The pandemic changed the way in which many people worked, forcing them to work from home if they could. Post-pandemic, many employees have continued to work from home some or all of the time. Under hybrid working arrangements, an employee will work from home some of the time and from the employer’s premises some of … Read more
The Covid-19 pandemic forced large numbers of employees to work from home for the first time. Having made the transition to homeworking, post-pandemic, many employees have continued to work from home some or all of the time. Household expenses Employees who work from home may incur costs as a result, such as increased household bills. … Read more
If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those expenses. Relief is only available for expenses that you must incur, rather than those that you choose to incur, and the expenses must be incurred wholly, necessarily and exclusively in … Read more
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading, a business may incur expenditure on items such as: acquiring premises; recruiting staff; buying stock; setting up website; IT costs; advertising and marketing; and travel and subsistence. … Read more
Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that an individual can contribute to their pension plans, there are limits on the contributions that qualify for tax relief. One of those limits is the annual allowance. Tax relieved contributions … Read more
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 here to stay. Employees will generally incur additional costs as a … Read more
Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special relief for losses made in the last 12 months of trading, known as terminal loss relief. … Read more
In the event that a loss arises in a trade or profession, consideration should be given as how best to obtain relief for that loss. As with many things, there is no ‘one size fits all’ and the best option will depend on the trader’s particular circumstances. Option 1 – Relief against general income If … Read more
