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?
TAX - PAYROLL - 22.06.2020
Employment allowance - claiming it correctly
New rules. Employers who are entitled to the NI employment allowance (EA) don’t have to pay employers’ Class 1 NI contributions in respect of employees’ salaries until their total NI bill exceeds £4,000. However, since April 2020 new restrictions apply so that fewer employers are entitled to claim. The new restrictions have been causing confusion so HMRC has issued new guidance to clarify what information employers should include on their payroll reports (see The next step ). ...
LOSSES - NATIONAL INSURANCE - 28.05.2020
Trading losses - business owners miss out on NI relief
Tax relief for business losses help soften the financial cost of difficult trading conditions. Relief can apply to tax in different ways but not all take account of NI. As a result valuable savings are often missed. How can you prevent this?
COMPLIANCE - 07.05.2020
HMRC targets EA and AL
HMRC has begun checking compliance with the rules on the employment allowance and apprenticeship levy. What do you need to know?
NATIONAL INSURANCE - 30.04.2020
Employment allowance increases for 2020/21
Allowance. The employment allowance (EA) was introduced to reduce employers’ NI contributions back in 2014, and has had minor amendments since. Budget 2020 announced that the EA would increase to £4,000 for 2020/21. Whilst this is welcome, don’t forget that there are some other changes to consider. These include: ...
NATIONAL INSURANCE - 23.04.2020
Increases to maximum amount of employment allowance
New legislation came into force on 6 April 2020 to increase the maximum amount of the employment allowance. What do you need to know?