There is a wide range of financial support available under the Government’s economic rescue package, but it can be difficult to identify the measures most relevant for your specific circumstances. Ward Williams provide a simple overview of the most common financial issues arising for businesses and individuals affected by COVID-19. For further information please get in touch wi ...

HMRC has received more than 54,800 claims from taxpayers using a new online portal which allows workers to claim tax relief for working at home. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Launched on 1 October 2020, the online portal has been set up to process tax relief o ...

Updated 5th November 2020 The Self-Employment Income Support Scheme Grant Extension provides financial support to the self-employed in the form of two grants, each available for three month periods covering 1 November 2020 to 31 January 2021 and 1 February 2021 to 30 April 2021. Who can claim To be eligible for the Grant Extension self-employed individuals (including members ...

Given recent events, there has been a significant increase in people looking at making tax relief claims due to the additional costs incurred for working from home. Previously (prior to the current tax year), employers could pay their employees a home working allowance of £4/week tax free. If employers did not make such a payment, the taxpayer could make a tax relief claim fo ...

The Self-Employment Income Support Scheme Grant Extension provides financial support to the self-employed in the form of two grants, each available for three month periods covering 1 November 2020 to 31 January 2021 and 1 February 2021 to 30 April 2021. Who can claim To be eligible for the Grant Extension self-employed individuals (including members of partnerships), must: ...

Under government announcements, a taxpayer had the option to defer their second payment on account for 2019/20 if they were: registered in the UK for self assessment and; finding it difficult to make that payment by 31 July 2020 due to the impact of coronavirus. The deferred 31 July 2020 payment on account can be paid in full any time up to 31 January 2021. No interest c ...

HMRC has published the October 2019 issue of the Employer Bulletin which contains guidance on a number of issues relevant for employers. Topics in this edition include: Changes for UK employers sending workers to the EU, the EEA or Switzerland PAYE Settlement Agreements and Welsh rate of Income Tax Guidance for employers on reporting PAYE information in real time when paym ...

Under self assessment taxpayers are required to make payments on account of their tax liabilities. The payment on account instalments consist of two payments on account of equal amounts: the first on 31 January during the tax year and the second on 31 July following the end of the tax year. These are set by reference to the previous year's income tax liability and Class ...

The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs’ Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in both the distributable profits and the net assets of the company. Th ...

A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. The AIA is currently £200,000 per annum. Complex calculations may apply to accounting periods which straddle 1 January 2019. Other changes to the ...