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.
Investment values have taken a severe downward knock in recent weeks following the Coronavirus outbreak and a slump in oil prices.
Even before the forthcoming Construction Reverse charge changes impact on the Property and Construction industry, businesses in these sectors have to navigate on of the most complex areas of VAT.
HMRC have recently provided further information on how businesses can join the VAT deferral new payment scheme.
Businesses which still have outstanding deferred VAT payments can either pay the deferred VAT in full, on or before 31 March 2021, join the VAT deferral new payment scheme or contact HMRC if extra help to pay is required. Find out more in our updated blog.
As a generation, we think we are very technologically advanced and able to cope with anything. However, in light of recent events, many companies are optimising flexible working and working from other locations such as from home. This sudden shift in working environments has caught some companies off guard and has resulted in companies facing new challenges in a situation which they have never faced before.