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Time to take a salary again

You've not drawn salary from your company for the last three months because its income was significantly reduced. It's now improving and you're restarting your salary next month. Is it worth paying yourself the arrears? Back to normal? If you're one of the many company owner managers who reduced or took no salary because of the financial fallout of coronavirus, you might now be thinking about the right time to reinstate it. You might also be worrying about the effect the crisis will have on this year's financial results and if the company will make an overall loss. If so, would it be tax efficient for you to reinstate your salary? Tax efficiency There are two tax regimes to consider when thi

HMRC opens portal for WFH expenses claims

Over 50,000 taxpayers have used a new online portal to claim tax relief for working at home during the pandemic in the first ten days of its operation, HMRC has revealed. Launched on 1 October, the online portal is designed to be simple to use and has been set up to process tax relief on additional expenses for employed workers who have been told to work from home by their employer to help stop the spread of coronavirus. HMRC figures show it received more than 54,800 claims between 1 and 11 October. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have not received the working fro

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