Mortgage And Loans Payment Holiday
- Payment holiday arrangements aren’t generally interest free
- When the payment holiday comes to an end, your outstanding mortgage or loan balance will be higher than it was before the payment holiday started
- A payment holiday can adversely affect your personal credit rating. This is because credit reference agencies may mark a payment holiday as a non-payment
- You may need to miss a repayment before a payment holiday will be considered by a lender. This may also impact your credit rating.
It would be better to:
- Renegotiate the monthly repayment amount for a temporary period of time with your lender. Some lenders will temporarily accept token payments.
- This will mean that your credit history can be preserved. You’ll also be making some payment towards the loan amount which will come off the interest and/or the outstanding balance.
HMRC Spam Or Is It?
A number of scams involve emails purporting to be from HMRC – usually asking for bank details. However, care needs to be taken not to ignore all emails from HMRC. HMRC is trying to modernise its service so is using email as a method of communication. It is best to check the email for sense and also look at gov.uk to see if the email looks like a scam.
Working From Home During Coronavirus
Employers can lend employees equipment, e.g. computers, and pay for new services, e.g. broadband, for homeworking without it counting as a benefit in kind, even if there’s private use. An employer can also pay employees a tax and NI-free allowance of up to £6 per week to cover additional homeworking costs.
Tax-Free Therapy Now Allowed
Minor benefits exemption is more generous than the trivial benefits but is specific to particular perks.
The exemption for minor benefits in kind for staff welfare is wider from 6 April 2020. Employers can pay for therapy sessions for employees and directors without it counting as a taxable perk.