September 2021 Newsletter | Cylchlythyr Misol Medi 2021
September is the final month of furlough support for employees and applications for the fifth SEISS grant for the self-employed will close at the end of September. The amount of SEISS support available depends on the reduction in turnover from 2019-2020 to 2020-2021. This is so that those who have been hit hardest financially by the pandemic receive the highest level of support.
Full details are available here
A record number of people have agreed with HMRC to pay their tax bill by instalments under a 'Time to Pay' arrangement. This can be helpful for individuals who are struggling to pay their tax bills on time, however interest is applied to the unpaid amounts at a rate of 2.6%.
If you believe that this arrangement may be necessary for your upcoming tax bills, give HMRC a call on 0300 200 3822.
Many individuals make an “Expression of wishes” for their pensions stating who they wish to inherit the funds when they die. If life has significantly changed, such as being widowed or divorced, ensure that your expression of wishes reflects your new circumstances.
With many bank branches closed it can be difficult to bank cheques. Alternative ways to bank cheques conveniently are: send it in the post to the main clearing address of your bank / use prepaid envelopes at your local Post Office / download the bank app on your phone, take a picture of the cheque and upload it to your account.
Ask Huw & Aled: my elderly mother is showing signs of dementia. She is considering applying for Power of Attorney but worries that it may be too late.
There are two types of Power of Attorney, Financial and Health. These allow trusted family members / very close friends / professionals to look after the affairs of an individual who no longer has mental capacity. To apply for Power of Attorney an individual must have mental capacity to be able to sign the form.
If she delays matters and loses mental capacity the only alternative is to apply to the Court of Protection for a Deputyship Order to take care of her financial assets and her welfare. This is far more costly and time consuming. Going forward, annual accounts would also need to be prepared detailing your mother’s income and expenditure.
The general advice is to apply for Power of Attorney early when someone has full control of their faculties. Please contact us if you wish to discuss any matters relating to Power of Attorney.
