NLW & NMW Rates for 2021-2022

The Government has announced the below National Living Wage (NLW) and National Minimum Wage (NMW) rates which will come into force from 01 April 2021. The National Living Wage will increase by 2.2 per cent from £8.72 to £8.91 and will be extended to 23 and 24 year olds for…

Can directors furlough themselves under CJRS?

The short answer is yes. As office holders, salaried company directors are eligible to be furloughed and receive support through this scheme. While on full-time furlough, directors can still fulfil their statutory obligations toward the company, however, they can do so provided they do no more than reasonably necessary for…

Claiming tax relief on work-related expenses

If you are an employee and you’re exposed to certain expenses which you need to cover yourself and that your employer does not reimburse, you might be able to get tax relief. This only applies to business expenses that relate to doing your job. There are several ways to claim…

Bounce Back Loan repayment benefits

Due to the Covid-19 pandemic, a decision was made by the HMRC to extend/expand the loan repayment plan for the return of funds. The government has announced a package of measures under its Pay as You Grow scheme for businesses that took out Bounce Back Loans. For those who are…

Late submission of VAT returns

The deadline for your VAT return is generally 1 month and 7 days after the end of a VAT reporting period. Completing a VAT return approx. every 3 months will determine how much VAT is due. This lets HMRC know the figures of your total sales and purchases in the…

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