August 2020 Newsletter | Cylchlythyr Misol Awst 2020

Self-employed individuals can claim a second grant from the UK Government. The first grant paid in May 2020 was based on 80% of average self-employed profits, whereas the second grant is based on 70% of average profits. Applicants should visit the HMRC website from 17 August 2020 onwards to make a claim.



The UK Government have confirmed that from 31 July 2020, furloughed employees who are subsequently made redundant will receive redundancy pay based on their normal wage rather than a reduced furlough rate.

 

Wills witnessed remotely via video link will become legal in England & Wales to make the process easier during the pandemic. This measure has been backdated to 31 January 2020 and will remain in place until January 2022.

 

The Chancellor, Rishi Sunak, has announced that a Job Retention Bonus of £1,000 will be paid to employers for every furloughed employee who remains continuously employed until 31 January 2021. Payments will be made in February 2021.

 

We reported in a previous newsletter that due to Covid, a 6-month extension had been granted to your vehicle's MOT expiry date if this expiry date was on or after 30 March 2020. A change has recently been implemented whereby if your original MOT expiry date is on or after 1 August 2020, no 6-month extension will be granted and normal rules will apply.

 

As the UK property market wakens from the lockdown, fraudsters are targeting house buyers by hacking emails and sending fake bank account details for deposit payments. This has led to the loss of significant sums of money. Doublecheck the bank account details for any significant payments by phoning the other party.

 

Ask Huw: a relative of mine has passed away recently and left me a gift of £50,000 in their will. The total value of their estate is c. £250,000. Do I need to pay inheritance tax on this gift?

Each individual receives a 'nil rate band' of £325,000 for inheritance tax purposes therefore in this example, as the total value of the estate is less than the 'nil rate band', no inheritance tax is payable on the death estate or the gift.

If gifts are made during a lifetime, the value of gifts made within 7 years of death are considered when reviewing inheritance tax payable on death.

If you have a high value or complex estate, inheritance tax planning is crucial since the standard rate of inheritance tax stands at 40%.

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