by admin | Sep 30, 2020 | Uncategorized
Extracting funds from a family company without retained profits Many family companies have struggled as a result of the COVID-19 pandemic and may no longer have any retained profits. Where this is the case, they may need to rethink how they extract funds from their...
by admin | Sep 30, 2020 | Uncategorized
PAYE Settlement Agreement reminder If you have a PAYE Settlement Agreement (PSA) in place for 2019/20, you will need to pay the tax and National Insurance due under the agreement by 22 October 2020, assuming payment is made electronically. If you pay by cheque, the...
by admin | Sep 30, 2020 | Uncategorized
Annual investment allowance The annual investment allowance (AIA) was temporarily increased from £200,000 to £1 million for two years, from 1 January 2019 to 31 December 2020. The allowance reverts back to its usual level of £200,000 from 1 January...
by admin | Sep 30, 2020 | Uncategorized
Back to the office – what about homeworking equipment? When your employees return to the office, they may no longer need the homeworking equipment that enabled them to continue to work during lockdown and beyond. Are there any tax implications if they return the...
by admin | Sep 30, 2020 | Uncategorized
Off-payroll working back on the horizon The extension to the off-payroll working rules was put on hold as a result of the COVID-19 pandemic. However, the legislation has now been implemented and the new rules will come into effect from April 2021 – one year...
by admin | Aug 31, 2020 | Uncategorized
Benefit-in-kind charge on electric vans A tax charge arises under the benefit-in-kind rules where an employee enjoys unrestricted private use of a company van. The taxable amount is a set amount, with a reduced charge applying to electric vans. However, the charge for...
