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tax relief

What can businesses cheer about from the October 2021 budget?

What can businesses cheer about from the October 2021 budget? The Chancellor’s speech to parliament on 27 October was a very small yet mixed bag of announcements.

Tax relief rules on business and staff entertainment

Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment. Spending on rewarding staff for good work or to raise morale is classed as employee entertainment which will be eligible for tax relief and you will be able to reclaim VAT on. 

Make hay while higher rate relief is available

For many years Chancellors have threatened to reduce the Income Tax relief that can be claimed for payments into a private pension scheme.

Enjoy a tax-free Christmas bash

Follow the outline below to ensure that the cost of your annual staff party will not create tax issues for you or your staff.

Changes to private residence relief

If you rent out all or part of your home this may create a Capital Gains Tax (CGT) charge when you sell the property.

HMRC: Charities can no longer claim VAT relief on social media advertising

HMRC is writing to charities to inform them of the latest changes to VAT relief on social media advertising. 

Marriage Allowance: how to claim

From 2015/16 the Marriage Allowance was introduced for married couples and civil partnerships. This allows one spouse to transfer 10% of their personal allowance to their partner - reducing their tax by up to £230.