May 2021 Newsletter | Cylchlythyr Misol Mai 2021
The Welsh Government have confirmed that applications for the Cultural Recovery Fund for freelancers will open at midday on 17 May and will be delivered by local authorities. Demand is expected to be very high and full details are available here
A month on after the start of the new tax year, we are starting to see trends in the 2020-2021 accounts being prepared. The two main themes so far are:
- Grant income: the vast majority of grants are taxable, therefore please include the details of all grant income received in your working papers.
- Working from home allowance: if you have not done so already, please ensure that you have claimed the working from home allowance for 2020-2021.
Since Brexit, freelancers who regularly work in the EU need to complete a significant amount of paperwork in order to be granted a working permit. Many of these documents require certification. Please contact us if you require certification of documents to assist with these applications.
We recently provided advice to an individual who was earning small sums of money from adverts being placed on their YouTube videos. As YouTube is owned by Google, a declaration was required to be sent to the US tax authorities to ensure that this income was only taxed once (in the UK).
We understand that Google has set a deadline of 31 May 2021 for these declarations. Please get in touch if you believe you are impacted by this.
Recent scams include calls supposedly from HMRC notifying individuals that a warrant has been issued for their arrest due to a late tax return and that an immediate payment over the phone would cancel this warrant. Remain vigilant of these aggressive scams.
Ask Huw & Aled: I am twice divorced with 2 grown up children, have found love again and intend to remarry later this year. Can you provide some guidance on pre-nuptial agreements?
These are used to provide some protection to a person’s existing family. Both parties should obtain separate and independent legal advice from separate solicitors. The agreement must be entered into freely and each party must know what assets the other party owns. It can be a delicate subject as it essentially plans for the new marriage breaking down. Strong legal advice is essential for both parties. Best wishes and third time lucky!
