Elsa Jones Blog

• Making mileage payments to employees

  As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel,…
• Do I need to register for VAT?

  You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You…
• Tax relief on loans to close companies

  Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or…
• Termination payments and Class 1A National Insurance

  As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to…
• Claim tax relief for additional costs of working from home

  During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves…
• Take dividends while you can

  For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract…
• COVID Losses Cash Back Bonus – up to triple the benefits!

  Due to the impact of COVID-19, the government want to give businesses who have suddenly suffered significant losses, an opportunity to…
• Expenses and benefit returns for 2020/21

  Expenses and benefits returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is…
• NIC and company directors

  Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules Directors,…
• No retained profits – Can you extract cash to cover your living expenses?

  If you operate through a limited company, for example as a personal or family company, you will need to extract funds…
• Reduced rate of VAT

  To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT…
• Reporting expenses and benefits for 2020/21

  Employers who provided taxable expenses and benefits to employees during the 2020/21 tax year will need to report these to HMRC,…