Published On: Tue, May 18th, 2021

Martin Lewis confirms work from home tax relief will continue into 2021/22 – full details | Personal Finance | Finance

Martin Lewis advised millions of workers throughout 2020 to claim tax relief if they were forced to work from home as a result of coronavirus. Today, the Money Saving Expert confirmed this support will continue into the coming year.

Martin continued: “Now, this applies if you’ve been working from home for one day, you can get the whole year’s relief as long as it was required.

“Originally, this was a Covid provision only for the last tax year 2020/21. But just before the new tax year started, which is only about a month ago, we learned that now works for 2021/22 as well.

“So if you work from home for one day this tax year too, you can get the whole year’s allowance.

“If you’ve not applied, you can apply for last year in this year, as long as you work from home for at least a day and were required to, if you’ve already applied, you can apply again.”

How investing works in stock market – 2 ways to get money from shares [EXPERT]
State pension: How to ensure voluntary NI contributions boost income [INSIGHT]
Martin Lewis issues urgent warning on Bitcoin investing

Martin concluded by breaking down how these claims can be made and how much they could save workers: “You do it by the micro service, you’ll automatically get it for the whole year, the tax relief is worth £62 a year for a basic rate taxpayer.

“So, that’s £124 for the two years, more if you’re a high rate taxpayer.

“[It’s] done by changing your tax cost like marriage tax allowances, although for last year you’ll probably get a cheque back.

“The only problem, if you do tax self-assessment, then you have to do it by your tax return, you can’t use the micro service.”

Matt Hutchinson, a Director at SpareRoom, commented on these results: “Work is one of the cornerstones of our lives and Covid has forced people to question their relationship with their job.

“That means, for many, the most desirable job is now one that offers security, a good work-life balance and of course the ability to work from home – even if not all of the time.

“Spending five days a week in the office, however, is particularly unattractive – to the extent that half would consider moving jobs if faced with this situation.

“Work is also one of the biggest drivers in the rental market. Pre-pandemic people moved for work or study. Now people are starting to think about what their lives will look like in future and the prospect of remote working opens up all sorts of possibilities. We’ve already seen a downward shift in demand for rooms in London, while other regions of the UK are seeing a rise.”

Source link

Most Popular News