Employed persons If your employer requires that you work from home, this will apply to many employees during the various COVID lock-down periods, HMRC will allow you to claim for any extra costs associated with working from home. To save you calculating what these extra costs might be, HMRC has agreed a claim based on their estimate of the average extra costs...
Marriage Allowance claim
HMRC published the following press release on Valentine’s Day 2021. HMRC is encouraging married couples and people in civil partnerships to sign up for a tax break this year. Marriage Allowance offers individuals the chance to transfer part of their Personal Allowance to their husband, wife or civil partner, which could reduce their tax by up to £250 a year. For some...
Exporters – simplified declarations
You can make a simplified declaration before you export your goods. This is called ‘presenting’ your goods to customs. The first part of your declaration does not need as much information as a full declaration. When it’s approved, you can export your goods or move them from your premises. You will still need to give customs more information, but you send it...
Minimum Wage levels from April 2021
From April 2021, the National Living Wage (NLW) will be the statutory minimum wage for workers aged 23 and over. It currently applies to workers aged 25 and over. The reduction in the NLW age threshold follows a review of the structure of the National Minimum Wage youth rates and recommendations made by the Low Paid Commission in autumn 2019....
Tax Diary March/April 2021
1 March 2021 - Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 – Self-assessment tax for 2019/20 paid after this date will incur a 5% surcharge. 19 March 2021 - PAYE and NIC deductions due for month ended 5 March 2021. (If you pay your tax electronically the due date is 22 March 2021) 19...
Muras Matters: Budget 2021 – Reliefs for Businesses And Corporation Tax Increases
Background Chancellor Rishi Sunak delivered his second full Budget on 3 March 2021 announcing the extension of many of the Covid-19 support schemes and freezing the personal allowance, and others, from April 2022. Some of the more significant changes the Chancellor announced, which we will look at in Muras Matters this week, centred around businesses with a range of measures designed to...
Spring Budget 2021 Summary
COVID-19 related support measures for UK businesses The Treasury is to continue the two existing major support schemes in an attempt to hold back a significant increase in unemployment rates as business owners grapple with the effects of COVID-19 disruption. Details are set out below. Coronavirus Job Retention Scheme This scheme, nicknamed the Furlough Scheme, was due to end 30 April 2021....
Gender gap closing in UK board rooms
More than a third (34.3%) of FTSE 350 board positions are now held by women, with the number of women on boards increasing by 50% over the last 5 years, data released today (Wednesday 24 February) shows, representing a dramatic shift in representation at the very highest levels of British business. The data has been published in the final report from...
Muras Matters: Company Cars Changes to Advisory Fuel Rates
This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage Although many of us will not have been using are cars very much over the last few months during the Coronavirus lockdown, as the potential relaxing of the rules lies ahead you will need to ensure that the appropriate fuel rates...
Challenges as we emerge from lockdown
There is no guarantee that the heady mix of vaccination and easing of lockdown will contain the spread of COVID-19. However, based on government predictions, they are willing to start the process of easing lockdown restrictions. The relaxation of restrictions will depend on four tests. They are: The vaccine deployment programme continues successfully. Evidence shows vaccines are sufficiently effective in reducing hospitalisations and...