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June 2021

Beware of tax credit renewal scams

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.

Mike Wakeford
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Taking goods abroad to sell?

You must declare goods that you take with you to sell outside the UK (e.g. if they are in your baggage or in a private vehicle). There is a different process if you take goods abroad temporarily (e.g. samples for a trade fair) or use a courier or freight forwarder.  

Jonathan Green
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June furlough claim deadline

Furlough claims made in June 2021 must be submitted to HMRC by Wednesday 14 July 2021.

Andrea Wulff
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Covid-19 and benefits in kind – Matters to consider when reporting expenses and benfits in kind on P11Ds for 2020/21

There are many expenses and benefits in kind which will need to be reported, however there are some exemptions for expenses associated with working from home. 

Stuart Datlen
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SEISS fifth grant update

The government’s online service for the final self-employment income support scheme grant (SEISS) will be available some time around late July. If you are eligible to make a claim for the May 2021 to September 2021 period, HMRC will contact you from mid-July to inform you of the date you can make a claim from. 

Andrew Coldwell
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June deadlines for the Covid related VAT deferral payment scheme

If you do not set up a payment plan or pay your liability in full, you may be charged a 5% penalty or interest by HMRC. To avoid this, you can either join the new payment scheme before the deadline of 21 June 2021 or pay off your deferred VAT in full by 30 June 2021. 

Mike Wakeford
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Understanding the benefits of using cloud tools when creating a cash flow forecast

Every business should monitor and understand their cash flow. To fully understand your business’ cash flow, you will need the most up to date financial information about your business. Cloud accounting software gives you the ability to access your business’ whole financial picture all in one place, at any time. 

Danielle Griffin
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End of furlough: are you prepared?

There is still a large number of employees in the UK that are furloughed. However the furlough scheme (also known as the Coronavirus Job Retention Scheme) is scheduled to end this year.

Andrea Wulff
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