May 2020 Newsletter | Cylchlythyr Misol Mai 2020
The last month has seen the first furlough claim payments being processed, along with claims for the self-employed income support being opened by the Government.
Business 'bounce back' loans have been introduced by a number of banks, which allow small businesses to apply for a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000. Applications need to be made directly through the bank.
Due to the fall in the value of assets such as houses and stock market investments you may be able to save / reclaim some tax.
If you gift / sell any assets your Capital Gains Tax liability will now be lower.
For those who have inherited assets, if they are sold for less than the probate value, you may be able to reclaim some inheritance tax.
If you are an employee working from home, you could be entitled to claim some costs as an allowance against your tax bill. These can include any new technology purchases, office furniture and an allowance for use of house as office. Claim via your tax return or form P87.
New scams to be aware of:
- Text messages purporting to be from your local authority offering a refund of council tax, where the scammers want your bank details.
- Due to the volatility of the stock market in recent months, scammers have been contacting people offering a new investment opportunity with significant returns being promised. If it sounds too good to be true, stay away.
- Phone calls from scammers purporting to be from established companies, such as Netflix, Amazon Prime, telling customers that their accounts have been hacked and that they need to re-confirm their bank details over the phone.
Ask Huw: can you help me if I live abroad and own assets in the UK?
We offer our tax services worldwide for individuals living abroad with assets in the UK, most recently for clients in the USA, Spain, Malaysia and Indonesia.
Huw's probate practice deals with individuals who have assets and property owned abroad. One overseas client recently remarked: "Boy oh boy. This reads like a John Grisham novel."