Tax Articles

28 - July 2020
As a business owner you can loan your employees up to £10,000 – but what are the tax implications? Find out more below.
Posted by : Pro-Taxman
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Hardship loans to employees To help employees out during the Covid-19 pandemic, employers may provide ‘hardship’ loans to employees. Where loans are provided, what are the tax implications? No special rules There are no special relaxations to deal with loans provided to help employees meet financial obligations during the Covid-19 pandemic; the usual rules for […]
25 - July 2020
HMRC have published guidance for employers on the tax treatment of various expenses and benefits provided to employees during the coronavirus pandemic in which they specifically address the extent to which a company car remains available for an employee’s private use. We explain what it means in practice in today’s blog.
Posted by : Pro-Taxman
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Company car ‘availability’ during the Covid-19 pandemic For many, their working patterns changed as a result of the Covid-19 pandemic. Some employees were required to work from home, some were furloughed, while those with certain health conditions were required to shield. If the employee has a company car, is a deduction available for periods during […]
24 - July 2020
Self-employed people and business owners who have received a grant during the coronavirus pandemic need to take these into account when computing your profits for 2020/21. Confused? We explain more here.
Posted by : Pro-Taxman
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Tax implications of Covid-19 support payments Various support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and […]
22 - July 2020
If you have forgotten to file your tax return or have made a mistake leading to a penalty and you or a family member were ill with coronavirus, this might be allowed as a ‘reasonable excuse’. In today’s blog we explain what reasonable excuses are and how coronavirus might fall into this category.
Posted by : Pro-Taxman
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Twitter: Reasonable excuse – does coronavirus count? HMRC may allow an appeal against a penalty if the taxpayer has a ‘reasonable excuse’ for why, say, they filed a return late or paid their tax late. A ‘reasonable excuse’ is something that prevented a taxpayer from meeting a tax obligation despite the fact that they took […]
20 - July 2020
Do you know that the furlough scheme has changed? From 1 July, a grant claim can only be made if the employee was previously furloughed for at least three consecutive weeks before 1 March 2020 and 30 June 2020. We explain more in today’s blog.
Posted by : Pro-Taxman
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Flexible furloughing As far as the Coronavirus Job Retention Scheme is concerned, it is all change from 1 July 2020. From that date, employees can be flexibly furloughed allowing furloughed employees to return to work part time and be furloughed for their usual hours that they do not work. The employer pays the employee for […]