CORONAVIRUS - VAT - 07.07.2020
VAT trap for private use of company vehicles
In the last few months there’s been little work for two of your employees but they’ve continued to have use of their company vans, including for personal journeys. Does this affect what you need to report on your next VAT return?
EXPENSES - 07.07.2020
More news on homeworking expenses
Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...
LOSSES - 07.07.2020
Tax-efficient incorporation of a loss-making business
You’re about to transfer your sole trader business to a company of which you’re the main director and shareholder. The business made losses in the last trading period before the transfer. How can you maximise tax relief for these?
REMUNERATION PLANNING - 07.07.2020
Restarting salary from your company
You’ve not drawn salary from your company for the last three months because its income was significantly reduced. It’s now improving and you’re restarting your salary next month. Is it worth paying yourself the arrears?
TAX - BENEFITS - 07.07.2020
Personal use of company stock - the taxable benefit trap
In recent months you’ve taken a number of products and materials from your business. You know there will be a tax bill for this but might HMRC ask for more than you bargained for?
CHILDCARE SUPPORT - 06.07.2020
Childcare support criteria relaxed
Earnings requirement. To access tax-free childcare (TFC) and the 30 hours of free childcare scheme, employees must normally have earnings of at least the value of 16 hours per week at the relevant national minimum wage rate. HMRC has confirmed that if earnings are below the minimum earnings requirement because the employee is furloughed, this does not invalidate their membership of the scheme(s). Equally, key workers whose earnings now exceed £100,000 per year, as they are working additional shifts, will have their additional earnings discounted and can still retain membership of the scheme....