HMRC warns of SEISS email scam
The fourth SEISS grant has only just opened up for claimants, but already HMRC has issued a warning about an email scam doing the rounds. What should traders look out for?
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Accounting for VAT if there is no cash payment
Your business has submitted repayment returns for the last two quarters and you are concerned that you might have underpaid output tax on some supplies where no money has changed hands. Are your concerns justified?
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Treatment of distributions under review
The government has launched a consultation on modernising the tax treatment of distributions and repayments of capital by companies. The proposals could affect the distinction between dividends taxed as income and capital payments subject to CGT. What changes are being considered?
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Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
The fourth SEISS grant gateway opened last week. Eligible claimants should have been contacted by HMRC in writing to let them know exactly when to apply. However, it appears that opportunistic fraudsters have seized on this to try to trick people into handing over highly sensitive personal information. The new scam takes the form of a “phishing” email. It informs the recipient that the SEISS grant is open for application and contains a link to apply. It states that the claimant will need to divulge their bank account, passport and driving licence details. As with many scams of this type, the standard of grammar and language is poor. However, it could catch out traders if they don’t read it properly. The only way to apply for the SEISS grant is via the link on the official portal page here.
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