Due to the COVID-19 pandemic, many of us have had to work from home. As a result, more employees than ever have claimed tax relief for the 2020/21 tax year for the additional costs incurred as a direct result of working from home. As the pandemic has continued into the current year, is likely that many employees will also be eligible to make a claim for relief in the 2021/22 tax year. Employees who have been required to work from home, even if only for one day, are entitled to claim tax relief. This relief is not, however, available to those who choose to work from home.
Some of you reading this will be old enough to remember the 1980s when big hair and shoulder pads went hand in hand with Golf GTIs and, dare I say it, Ford Capris with the must-have furry dice.
Recent research published by GRiD, the industry body for group risk protection, highlighted that a fifth of employees do not know how their employer would support them if they were absent through ill-health or injury. This highlights the need for employers to ensure information is provided in an easy, accessible manner, but that a communication campaign can also provide real value for awareness.
As if the turmoil of Covid and Brexit weren’t enough, our drinks industry is facing a new challenge. How to innovate faster than it’s ever done before.
4 months on since the IR35 Off Payroll Working Reform took place in the private sector and a lot has happened since then. Along with the world getting back to ‘normal’ following COVID, businesses have also been getting used to the new ‘normal’ when dealing with the world of contractors. With new obligations, policies and procedures for businesses engaging contractors, now feels like a good time to reflect on what has happened since 6th April 2021.
Whilst the Covid 19 pandemic rumbles on, with the furlough scheme set to come to an end on 30 September and the various relaxations in restrictions across the whole of the UK, economic recovery must be top of the Chancellor’s agenda. It won’t come as a surprise then that tax hikes and reforms will be part of the overall plan and it appears that Inheritance Tax (“IHT”) is a specific target in Rishi Sunak’s campaign, as Government insiders reportedly warn that “we’ve got to start paying the bill for this pandemic”.
A Company Share Buyback (or “Company Purchase of Own Shares”) is a common mechanism for shareholders to dispose of their shareholdings in private limited companies; typically to facilitate a shareholder exit without the other shareholders having to personally finance the purchase of shares or bring in a third party. In most cases, the company purchases the shares from the original shareholder and the shares are cancelled.
Digital technology and digitalisation is everywhere nowadays and is increasingly part of every aspect of our lives – but what does it mean?
Section 18A of the Corporation Tax Act 2009 states that a UK resident company is entitled to make a Foreign Branch Exemption Election (“FBEE”). If a FBEE is made adjustments are required to be made in the calculation of the company’s total taxable profits. This means that any accounting profits or losses that arise in a foreign permanent establishment (“PE”) will not be included in the profits/losses chargeable to UK Corporate Income Tax (“CIT”).