Huw Roberts Monthly Newsletter : Cylchlythyr Misol : 18 .09. 2017
According to the financial press interest rates are due to rise in November, if only from 0.25% to 0.50%. This is marginally good news for savers. For those with mortgages, if you are not yet on a low fixed mortgage it is probably worth considering fixing your mortgage. However beware of high fees from mortgage providers and brokers.
My car insurance was £350 last year. My renewal quote arrived @ £450. I went to a comparison site and had a quote for £350. Bizarrely this was with the same insurance company and I renewed on line for £350 with no difficulties! Shop around on renewal for insurance / electricity etc.
If you are self employed and interested in purchasing a low emission car of 75kg or under, there are big tax advantages especially for higher rate taxpayers. Cars are on offer from a range of manufacturers including Hyundai, VW, Audi, Porsche (!) and Toyota. You receive a 100% tax deduction against your taxable profits, thus on a car costing £20,000 you save £5,800 as a basic rate taxpayer and a whopping £9,800 if you are a higher rate taxpayer.
Clients continue to receive threatening phone calls allegedly from HMRC demanding money at short notice. This is a scam. All clients receive a summary of their tax liabilities from me – if it does not coincide with my figure check with me and use your common sense.
The next budget is on 22 November - could be full of surprises.
If you are considering any actions with a tax impact (Selling property to take advantage of existing Capital Gains Tax rates / higher rate relief on personal pensions etc.), consider acting now under the existing rules.
According to the charity “Will Aid” around half of all adults have no will. If you are in this position, or if you wish to review the provisions of an old will, please contact me.
In addition to the normal tax / accountancy / probate / inheritance tax / will planning work I am also asked many ad hoc questions by concerned clients. Two recent examples were from one client who suddenly found her monthly income was lower (A check of her bank statements showed that one of her pension funds stopped paying her monthly due to an administrative error) and for another client providing an introduction to a solicitor who had a non financial problem which needed specialist advice.
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