Summary of TAXANGLES November Edition

Home Working Equipment and Returning to the Office

In this edition of TAXANGLES, the focus is on the implications of employees keeping home working equipment when returning to the office. The tax implications depend on whether the equipment was provided by the employer, reimbursed to the employee, or purchased by the employee. It is important to consider ownership and usage to determine any tax charges.

Paying Back Deferred VAT

The article highlights the measures introduced by the Government to help businesses during the pandemic, including the option to defer VAT payments. It explains the timelines for deferred payments, the need to set up direct debits, and the repayment plans announced by the Chancellor. Businesses struggling to repay deferred VAT are advised to contact HMRC for a time-to-pay agreement.

Employment Allowance - Have You Claimed It?

Employers are reminded of the National Insurance employment allowance, which allows eligible employers to reduce their National Insurance payments to HMRC. The article explains the conditions for claiming the allowance and how it interacts with the Coronavirus Job Retention Scheme. Employers are encouraged to claim the allowance to benefit from the relief.

NOVEMBER Edition-TAXANGLES - Flipbook by Fleepit