Huw’s Monthly Round – Up : Cylchlythyr misol 12 June 2017
The day after the election I was broadcasting for BBC Radio Cymru on the economic impacts of the election. The main points were:
The impact on the markets was negligible- the FTSE 100 remains in the 7450 – 7500 range and the £ suffered a small fall against the dollar and euro to $1.27 and 1.13 euros.
Some of the prominent Conservative manifesto promises may not happen – the pension triple lock and winter fuel payments may remain unchanged and there will be no big imminent changes to care fees.
The prospect of some form of economic alliance with the European Union has been widely discussed in the weekend financial press, with close economic ties remaining. This is described as some form of Associate Membership, potentially similar to the close trading relationship Norway has with the European Union.
Time will tell as the period of political uncertainty continues.
The introduction of making tax digital which potentially means much more paperwork for small business owners / landlords with multiple properties will be back under consideration by the government in the near future. Further information will be provided when available.
If you are changing from the VAT Flat Rate to the VAT Standard rate, the calculations can be very complex, especially if one quarter straddles the 2 systems. Please contact me if assistance is required. Some clients have de-registered from VAT due to the changes – please let me know if you want a review of your VAT positon.
2016-2017 tax returns are now being submitted. Please forward your details, if applicable in the near future.
The new Inheritance Tax / will planning review service is proving popular with old and new clients. If you want a review of your existing financial position and wish to discuss your future plans please let me know. The work is charged on a time basis only and I do not sell any financial products.
If there are any matters you or your colleagues wish to discuss on personal tax / probate / inheritance tax / will planning please get in contact / cysylltwch gyda