Income Tax and NIC exemptions for home office equipment expenses

Income Tax and NIC exemptions for home office equipment expenses

Those Working From Home (WFH) and employers who encourage their staff to purchase their own home-office equipment and reimburse the expense, can benefit from a temporary relief introduced as a response to Covid-19. HMRC is creating a temporary Income Tax and Class 1...
Income Tax Relief and Venture Capital Trust Shares

Income Tax Relief and Venture Capital Trust Shares

HMRC has been contacting some taxpayers regarding income tax relief and Venture Capital Trust shares. Craig Simpson, Tax Partner at Bates Weston,  looks at HMRC’s campaign.  A letter was sent by HMRC in March to a sample of Venture Capital Trust (VCT) share...
Government support for innovative firms

Government support for innovative firms

The Chancellor, Rishi Sunak, announced £1.25 billion of government support for innovative firms at the Downing Street Press Conference yesterday (20 April 2020).   He commented:  “As we look ahead and start to plan for our recovery, it is critical we don’t just...
Covid impact on company car benefit

Covid impact on company car benefit

Company cars are still a common benefit amongst the UK workforce, but what is the position for the Benefit in Kind on a company car whilst the employee is working from home or has been furloughed? The benefit in Kind (BIK) on a company car can be a very costly tax...
Incentivising staff with non-cash benefits

Incentivising staff with non-cash benefits

Incentivising senior staff with non-cash benefits in difficult times When cash is king and businesses are focusing on making sure they have sufficient resources to trade, the payment of cash bonuses may be the last thing a business wants to contemplate. Business will...