Furlough – beginning of the end
From 1st July the furlough scheme begins to unwind.
Work from home tax allowance
If anyone has had to work from home during the 20/21 tax year for even one day, HMRC are allowing you to claim £6 per week for every week as an allowable expense, saving the basic rate tax payer £62 in tax.
Directors Loans
Directors Loans – If a director takes non PAYE wages from a Limited company either as a loan or if the profits are not there to pay a Dividend, then the Director has received a loan.
20/21 work from home tax relief
Due to Corona virus restrictions anyone forced to work from home can claim £6 per week tax relief from their earnings via their self assessment tax return.
National Living Wage April 2021
From April 2021 the National Living Wage replaces the National Minimum Wage for employees aged 23 and over.
HMRC installment plan
HMRC have announced that all 2020 personal tax owed, less than £30,000, may be paid over a year by monthly installments, penalty free if you contact them and agree the plan before 31st March 2021.