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Working from home due to COVID: are you entitled tax relief?

Written by Ipswich Building Society

4 Mar 2021

Tags

COVID-19, Savings, Tax, Tax advice

3 min read

As we approach almost a year on from the COVID 19 breakout, we are still weighing up the challenges of day to day life. For many, employment was affected, either going on furlough or working from home rather than the usual office routine.

If you are currently working from home, you might notice an increase in bills for utilities, especially as you use your laptop or PC more regularly – not to mention the seemingly never-ending video calls. But help is at hand! The government has launched the “Tax Relief” scheme to enable you to claim back what you are entitled too. More information about this can be found below:

What is tax relief?

Set up by the government this claim can help you claw back the extra costs accumulating from being required to work at home during the pandemic. Note – this is not applicable for those who have chosen to work from home.

How much can I claim?

You’ll get tax relief based on the rate at which you pay tax. For example, if you pay the 20% basic rate of tax and claim tax relief on £6 a week you would get £1.20 per week in tax relief (20% of £6).

You can either claim tax relief on:

  • £6 a week from 6 April 2020 (for previous tax years the rate is £4 a week) – you will not need to keep evidence of your extra costs
  • the exact amount of extra costs you’ve incurred above the weekly amount – you’ll need evidence such as receipts, bills or a contract

You could also be eligible to receive payments on equipment you’ve bought such as laptops, chairs and phones.

How can I claim?

Head to GOVUK where you can fill out some questions to find out if you are eligible to claim and how much you could be saving. These extra savings could be a big step towards your next financial target.

This information is provided for general information only. You should carefully research the support available to you on the government website and take care to only use the official gov.uk site for any enquiries about your tax code and eligibility for relief. 

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

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