SEISS – 5^th Grant

To apply for the fifth SEISS grant, you will need to have two different turnover figures prepared in order to claim. 

The portal to apply for the final self-employed income support scheme grant (SEISS-5) is due to open later this month, but this time self-employed persons will need to do their homework first or they will fall at the first hurdle.

As was the case for the first four SEISS grants, accountants won’t be permitted to apply on behalf of clients.

To find out more about the 5th Grant and how to claim then please click on the link below

https://www.gov.uk/guidance/work-out-your-turnover-so-you-can-claim-the-fifth-seiss-grant

Coronavirus Job Retention Scheme

For J‌ul‌y, the UK Government will pay 70% of employees' usual wages for hours not worked, up to a cap of £2,187.50. In Au‌gu‌st and Se‌pt‌em‌be‌r, this reduces to 60% of employees' usual wages up to a cap of £1,875.

You will need to pay the difference, so that you continue to pay your furloughed employees at least 80% of their usual wages for the hours they do not work, up to a cap of £2,500 a month.

The CJRS calculator is available to help you work out how much you can claim for employees up to the end of September. To find this and everything you need to know about the CJRS, search 'Job Retention Scheme' on GOV‌.UK.

What is the Unclaimed Estates List?

If an individual dies and for whatever reason executors or the Treasury Solicitor’s department are unable to track down beneficiaries, the unclaimed estate falls under the care of the Bona Vacantia and Government Legal Department.

The Division publishes a list of unclaimed estates which have been recently referred, but not yet administered, and historic cases which have been administered but not yet been claimed within the time limits for doing so.

You can view the unclaimed estates list by following the download link at https://www.gov.uk/government/statistical-data-sets/unclaimed-estates-list.

In a recent announcement, government sources provided the following advice on this process:

Some people have experienced an intermittent problem downloading the Unclaimed estates list. We are investigating the cause of the issue.

The list is published in a Comma Separated Values (CSV) file format. This acts like a spreadsheet and although it can be opened in any text editor it is best viewed in a spreadsheet application, such as Microsoft Excel, Google Docs or OpenOffice Calc.

If you are looking for a particular estate you can search by using Ctrl-F in your browser, text editor or spreadsheet application.

The list is updated every working day and newly advertised estates appear at the top of the list. After one day of publication, new estates drop into the rest of the list in alphabetical order.

Any estates where the Bona Vacantia division (BVD) no longer has an interest, for example, when a claim to an estate has been admitted, will be removed daily. Estates where the 30-year time limit from the date of death has expired are also removed.

Beware tax credit renewal scams

Tax credits applicants should be vigilant and alert to potential scams, HMRC has warned.

In the 12 months to 30 April 2021, HMRC responded to more than 1,154,300 referrals of suspicious contact from the public. More than 576,960 of these offered bogus tax rebates.

In the same period, HMRC has worked with telecoms companies and Ofcom to remove more than 3,000 malicious telephone numbers, and with internet service providers to take down over 15,700 malicious web pages. HMRC responded to 443,033 reports of phone scams in total, up 135% on the previous year.

Anyone doing their tax credits renewal who has received a tax or benefits scam email, or text might be tricked into thinking it was from HMRC and share their personal details with criminals, or even transfer money for a bogus overpayment.

HMRC’s Cyber Security Operations identifies and closes down scams every day. The department has pioneered the use in government of technical controls to stop its helpline numbers being spoofed, so that fraudsters can no longer make it appear that they are calling from those HMRC numbers.

Taking goods abroad to sell?

You must declare goods that you take with you to sell outside the UK - for example if they are in your baggage or in a private vehicle.

There is a different process if you take goods abroad temporarily (for example samples for a trade fair) or use a courier or freight forwarder.

Most countries have a limit on the value of goods you can bring in duty free.

If you are taking goods to another country temporarily for business reasons and you think you’ll be over the duty free limit, you can usually get an ATA Carnet to avoid paying duty. This includes things like:

samples to show at trade fairs or sales meetings

publicity materials

recorded film and audio

equipment you need for work like laptops, cameras, or sound equipment

goods for educational, scientific, or cultural purposes

personal effects and sports goods

If you are taking a vehicle, get a CPD Carnet instead.

If your goods have a total value of £1,500 or less, you may be able to make any customs declaration required online. Otherwise, you will need to make a full export declaration.

You will need to show customs your declaration before you can leave and if you are taking restricted goods, take the licence or certificate with you.

Tax Diary July/August 2021

1 July 2021 - Due date for Corporation Tax due for the year ended 30 September 2020.

6 July 2021 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.

19 July 2021 - Pay Class 1A NICs (by the 22 July 2021 if paid electronically).

19 July 2021 - PAYE and NIC deductions due for month ended 5 July 2021. (If you pay your tax electronically the due date is 22 July 2021).

19 July 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 July 2021.

19 July 2021 - CIS tax deducted for the month ended 5 July 2021 is payable by today.

1 August 2021 - Due date for Corporation Tax due for the year ended 31 October 2020.

19 August 2021 - PAYE and NIC deductions due for month ended 5 August 2021. (If you pay your tax electronically the due date is 22 August 2021)

19 August 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2021.

19 August 2021 - CIS tax deducted for the month ended 5 August 2021 is payable by today.The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.