Release from social distancing restrictions, in England, is deferred until 19 July 2021, which for most of us, means no change up to that date. We are still required to work from home when we can and maintain the other Step 3 social distancing provisions. However, there are a few additional concessions that will apply up to the 19th. We have...
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...
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...
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...
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...
Business risk is increasing
COVID disruption has added a further layer to the business risk cake. Do you know how many of your customers are at risk of failure? It is estimated that between 20% and 30% of small businesses, and a sprinkling of larger concerns, will cease to trade as we start to emerge from COVID lockdown; if indeed, that is what the politicians...
Payroll – late filing penalties 2021-22
HMRC have issued the following comments on their adoption of a risk-based penalty strategy for 2021-22. They said: Following HMRC’s review of the effectiveness of the risk-based approach to late filing PAYE and late payment penalties, we can confirm this approach will continue for the 2021 to 2022 tax year. This means that late filing and late payment penalties will continue...
Muras Matters: Payment of VAT Deferred Due To Coronavirus (COVID-19)
As part of the Government’s Coronavirus support package businesses were able to defer their VAT liabilities between 20 March and 30 June 2020 until March 2021. In September 2020, it was then announced that further breathing space would be available through the New Payment Scheme, which provided the option to pay the deferred VAT in smaller instalments. Rather than paying...
Informed v guesswork
First, let’s define these terms. “informed” - a decision or judgement based on an understanding of the facts of the situation. “guesswork” the process or results of estimating or concluding something without sufficient information to be sure of being correct. And between these two extremes varying degrees of certainty will apply. From a business point of view, it makes sense to make decisions based...
Muras Matters: Breathing Space
On the 4 May 2021 the government launched a new free respite scheme for individuals struggling with debt problems in England and Wales entitled, Breathing Space. Breathing Space will give those facing financial difficulties 60 days legal protection from creditor pressures, threats of enforcement action and what can be very distressing chasing letters that pile up. It will allow those individuals time to...