Anna’s Accountancy Alerts – Week 10 (8th – 14th June 2020)

business

Exemption For Homeworking Expenses

The government has announced a new tax exemption for employees who work from home and need to buy equipment to do their job.  e.g. a PC. Their employer can reimburse them the cost tax and NI free. 

The tax and NI exemption is temporary and applies to reimbursements made by employers to employees in 2020/21 only. Remember to obtain the invoice from the employee so you can reclaim the VAT.

HMRC’s Deadlines Clarified

HMRC will accept coronavirus as a reasonable excuse for missing a deadline as long as you can explain how it caused you to be late. You’ll also have an extra three months to submit your appeal.

HMRC To Temporarily Relax Rules On Lisas

The charge for unauthorised withdrawals from Lifetime ISAs made between 6 March 2020 and 5 April 2021 is reduced from 25% to 20% of the withdrawal. If you’ve been charged the full 25%, ask the bank etc. to credit the account with the difference.Top of FormBottom of Form.

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.