Anna’s Accountancy Alerts – Week 17 (26th July – 1st August 2021)

I learned the value of hard work by working hard. African american businessman is working, using his

https://www.ispeech.org/text.to.speech

Tax-free childcare

More than 282,000 working families used a Tax-Free Childcare (TFC) account during March 2021, according to figures from HMRC.

The TFC scheme can be used to help pay for accredited holiday clubs, childminders or sports activities – enabling parents and carers to save money on the costs of childcare.

The TFC initiative is available for children aged up to 11, or 17 if the child has a disability. For every £8 deposited into an account, families will receive an additional £2 in government top-up, capped at £500 every three months, or £1,000 if the child is disabled.

More details and registration for TFC can be found at www.gov.uk/tax-free-childcare

Internet link: GOV.UK TFC statistics 

Tax credit claimants - remember to renew your claims

HMRC is reminding tax credit claimants that they have until 31 July 2021 to renew their claims.

Claimants will have either received an ‘auto-renewal’ reminder or a ‘reply required’ notice. All ‘reply required’ claimants must renew their claims or contact HMRC to notify them of any change in circumstances ahead of the deadline to continue receiving tax credits payments.

To renew your tax credits claim visit www.gov.uk/renewing-your-tax-credits-claim.

Internet links: GOV.UK press release

Working from home

HMRC has confirmed that almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs.

The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year’s entitlement if they have been told to work from home by their employer, even if it has been for just one day during the tax year.

Employees who have either returned to working in an office since early April or are preparing for their return can still claim the working from home tax relief and benefit from the full year’s relief for 2021/22.

Employees can apply directly themselves and receive the full tax relief that is due. Once their application has been approved, their tax code will be automatically adjusted for the 2021/22 tax year, and they will receive the tax relief directly through their salary.

Check eligibility and apply online at www.gov.uk/tax-relief-for-employees/working-at-home.

Internet link: GOV.UK news

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.