HMRC have recently updated guidance on changes to VAT on early termination fees and compensation payments. Anyone who charges customers to withdraw from agreements to supply goods or services.
It isn’t so commonly known that employees are able to claim tax relief on work related expenses. These are expenses that are incurred for work purposes and are not reimbursed by the employer. To get tax relief on these expenses a claim must be submitted to HMRC. This can be done using form P87.