You can claim up to £1,000 each tax year in tax-free allowances for property or trading income. If you have both types of income, you will qualify for a £1,000 allowance for each.
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.
As the CJRS (furlough scheme) continues to wind down, we can prepare for the final change coming on August 1 and the end of the scheme on September 30.
Furlough claims made for July 2021 must be submitted to HMRC by Monday 16 August 2021.
Moore (South) will be hosting an Academies Update Webinar covering Preparing for audit, Accounts Direction, Academies Financial Handbook, A trustee perspective, Update on internal audit scrutiny.